- Did you add locations during the year?
- Did you add buildings to your current location?
- Do you have any new vehicles and/or drivers?
- Did you add new equipment that needs to be covered under an inland marine floater?
- Do you have any new products being manufactured/sold? (This is critical because it could change the rating basis for your general liability.)
- Vehicles sold
- Equipment sold
- Locations sold
- Reduction in inventory
- Reduction in sales
New Coverages to Consider
As your operation grows, you should consider purchasing additional coverages to protect your business. Here are a few to consider:
- Equipment Breakdown – especially important if you are a manufacturing/processing operation
- Crime – this would include Money & Securities, Employee Theft including Employee Retirement Income Security Act (ERISA), Forgery, and Computer Fraud
- Employment Practices Liability
- Data Compromise & Identity Recovery
- Blanket Personal Property if you now have multiple locations
- Reporting form on your personal property if the values fluctuate
Drop or Reduce Coverages
Sometimes it makes more financial sense to reduce your insurance or self-insure some exposures. Here are a few examples:
- Drop comprehensive and collision on vehicles over 10 years old.
- Reduce the value of scheduled contractors equipment that is covered on an actual cash value basis.
- If you own an older building and likely would not replace it with as large of a building in the event of a total loss, consider insuring it on a Functional Replacement Cost basis.
- Higher deductibles on your property and auto. Consider adding a property damage deductible on your General Liability.
- If you’re comfortable with your financial reserves and loss control measures, consider self-insuring some of your exposures.
While your renewal date is is a great time for us to review your business needs, let us know of any changes to ensure your coverage is keeping up with your business needs. Contact us today!