5 Tips for an Insurance Check-Up

InsuranceCheckup1. Request a Schedule of Insurance. This will provide you with a snap shot of your current coverage.

2. Schedule a phone call with your Insurance Agent to review your account. This is a good time to check property values or increase coverage limits. Ask questions, your representative should be able to inform you as to how your policy protects your interests.

3. Discuss any changes in your business operations with your broker. For example: your small business may be expanding and you have now hired an employee. You are required by law to provide Workers’ Compensation and Short Term Disability insurance. Without having such insurance in place you may face steep penalties in excess of $2,000 each 10 day period you are uninsured.

4. Prepare to budget for rate increases. Just like most other expenses, insurance rates continue to rise.

5. Combining coverages for example: insuring your home and auto with the same carrier, you may be eligible for a multi-line discount.

– Lavette Wright

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