A Insurance Review
March is over and we spent the while month watching 64 college basketball teams play to the final four, then to the championship game. Congratulations to North Carolina! These can impact your business insurance and personal insurance programs. The entire thing reminded us of some insurance madness. We thought we would share with you our “insurance madness final four.”
Insurance Madness Final Four
- Always use an independent agent. Independent agents will search the market for the best possible insurance designed for your family or business. Independents agent do not work for an insurance company, they represent you and look out after your interests first.
- Never buy insurance online. When you buy insurance online you never know if you are getting the best combination of coverage, price, and service. However, you do find out when you have an uninsured claim.
- Always consider deductible options. A simple way to save money is to consider increasing your deductible on your auto insurance, home insurance, or even your business insurance.
- Many people don’t consider these coverage’s but they should
- Identity theft is the fastest growing crime in the United States. Every homeowner should consider identity theft coverage.
- A personal umbrella can offer additional protection for those who own a home or have personal assets worth protecting.
- Your business might be at risk if you do not have cyber liability or employment practices liability.
All these coverage’s are easy to add to your business insurance program.
A Business Insurance Update
Your business insurance can respond to many kinds of risks and losses. Protecting your business from loss can mean the difference between having a great year, and having to close your doors. According to the Insurance Information Institute, 30% of businesses that have a fire never re-open. Therefore, it pays to have the right business insurance and to manage your tops risks. However, do you know the most common risks faced by most businesses?
Cyber breach – Your small business has a greater chance of having a data breach than it does of having a fire. Make sure you have a cyber liability insurance policy. Don’t save passwords on your computer, use the latest security software, train your employees on cyber security, and never use an open network.
Customer trip and fall – Make sure you keep your business entry clean and clear of clutter.
Flood – Your business insurance excludes flood damage. If you are close to water, make sure you consider flood insurance.
Fire – Every business is subject to fire. Install automatic alarms to ensure proper notification, disconnect equipment when not in use, and never overload sockets with plugs.
Theft – Develop a system for end of day closure procedures. Keep a light on at night. Burglars are less inclined to break in if they think someone is there.
A Home Insurance Update
Developing a home inventory is recommended by all insurers. A home inventory is the best way to account for all your personal property. Most people under-estimate the value of their personal property after a loss. Your homeowner’s insurance is designed to provide replacement cost (if purchased) in the event of a loss, so knowing the full value of your property puts you at an advantage.
The KnowYourStuff app is the official home inventory application (app) of the Insurance Information Institute. A home inventory can save time, money, and peace of mind, and can help you get the most value from your insurance in the event of a fire or other loss. This app also helps you understand the value of your personal property. “Need to see your stuff at a glance? The user-friendly dashboard has charts, tables, and graphs that show total value of your belongings by property, room, and collection.” (knowyourstuff.org).
Your homeowner’s insurance is an important financial tool to help you manage your assets. Why not make sure you take full advantage of your coverage by having a comprehensive list of your personal property and an up to date replacement value.