November 2024
to improve safety practices to lower risks. Having many claims can also raise your costs when renewing your policy.
If you didn’t have many claims, that’s good news. It may help you get lower rates when talking to your insurance company. Be ready to show how you’ve been keeping risks low.
4. Consider Adding or Changing Coverage
As you review your insurance, you may find that you need new types of coverage. For example, if your business has increased use of the internet for invoicing, order submission, or online sales, it might be a good idea to add cyber insurance to protect against data breaches. If you’ve hired new staff, double-check that your workers’ compensation policy is up to date.
5. Compare Prices from Different Companies
Insurance prices and coverage can change from year to year. It’s a good idea to get quotes from different insurance companies to see if you can get a better deal or better coverage elsewhere. When comparing, make sure you provide accurate information about your business so you can make fair comparisons.
6. Talk to Your Insurance Broker
Your insurance broker is there to help you. They can explain your options, suggest any changes you need, and find the best coverage for your business needs. Brokers can also give you access to special options that you might not know about.
7. Budget for Insurance Costs
Insurance premiums are an important part of your budget. Plan ahead for any expected changes in costs so you’re not surprised. If your review shows you need more coverage, make room in your budget for it.
8. Get Ready for Renewals
When it’s time to renew your policies, make sure your insurance broker has all the right details about your business. This includes any changes to your revenue, equipment, or services. This will help prevent any issues if you need to make a claim.
9. Improve Risk Management
The end of the year is a good time to look at your safety practices. Training employees, improving cybersecurity, and doing regular maintenance on equipment can reduce your risks and might lower your insurance costs too
Final Thoughts
Reviewing your business insurance at the end of the year is an important step to keep your business safe and ready for the future. By checking your risks, coverage, and potential new options, you can go into the New Year with confidence. With a little planning and help from your insurance broker, you can make sure you have the right coverage at a good price for your growing business.
Brint Walker, CLU, ChFC
805-427-5720
Acrisure Insurance
End of Year Business Review Steps for Small Businesses
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