Naturally, National Insurance Month is one of our favorite times of the year. Not just because we are passionate about insurance, but because there is no better time to have our experts take a look at your current insurance package and make sure you have all the coverage your business needs.
You can probably think of ways your business has changed since last year, but it might be harder to think of all the ways that can reshape your insurance coverage. We put together this article to help you consider how your coverage needs may have shifted over the last business year.
No Two Plans Should be the Same
We know what it’s like to run a business. If you don’t adapt to changing times, you start to fall behind. Nowhere is this truer than with your insurance coverage. As your business grows and adapts, you might find that you have outgrown your old coverages. This doesn’t mean your old coverage wasn’t stellar, only that as your company grows, you will ideally be rising to new challenges as your market expands.
That’s why we encourage every business owner to consult with their financial team and our insurance experts during National Insurance Month. You might find that new gaps in your old coverage have emerged. Rather than being caught out by these changing conditions, you can adapt your old insurance coverage to your growing business.
Here are some strategic questions we encourage our clients to ask themselves during National Insurance Month.
Has Your Business Grown
What has changed about your line of business since you last adapted your insurance coverage? Has your employee base shifted or have you expanded into new markets? Maybe an old line lost value and you shifted into new markets. Changes like these are signs of a healthy business and, odds are, you’ve experienced some of them in the last year. While growth and change are signs of a healthy industry, they can also open up new gaps in coverage.
If you have expanded or shifted your company’s outlook since you last updated your insurance plan, you might be missing valuable coverages. Each industry has its own set of risks that need expert consultation to manage. Without strategic updates, you never know you’re missing coverage until it’s too late. Beyond the possibility of missing coverage, you have also likely expanded into new territory that could mean an opportunity to restructure your coverage. A plan that fits tighter to where you are today is a plan that not only keeps your assets safe but also looks great for your bottom line.
Yesterday’s Insurance, Tomorrow’s Needs
Will your current insurance meet tomorrow’s needs? Your company’s line has undoubtedly changed over the last year, but a healthy company will continue to change as time goes by. A key aspect of strategic growth and planning is making sure your insurance coverage adapts to your plans for the future. Don’t wait until you’ve made that acquisition before you get it covered.
Having insurance coverage that is designed with room to expand allows your business to make those strategic jumps without worrying about being caught without coverage. This is especially true for business owners in industries that rapidly change their holdings and adapt quickly to the changing needs of the market. Make sure your current insurance plan gives you the room to move around in that your company needs to stay ahead of the competition. Don’t get stuck with an outdated insurance plan when staying one step ahead is as easy as giving us a call.
Assess Complicated Risks
You don’t need to worry about complicated risks. We specialize in managing hard to place and complicated risks for Gas and Oil Distributors, Franchised Auto Dealerships, and every business in between. National Insurance Month is a great time of year to make sure your coverage can handle all of the complicated and hard to cover aspects of your business.
Traditional insurance coverages often leave gaps when it comes to hard to place risks. These are things that don’t easily fall into the existing coverage options like those that insure company vehicles for example. This might sound like it’s just for company’s with exotic holdings or industries, but even your local Mom and Pop likely has hard to place risks. Think about this like looking good in your best suit. Why risk being stuck in an ill-fitting, off-the-rack suit, when you could have one tailored to your exact needs.
There’s no better time than National Insurance Month to make sure your company has the coverage that not only fits where it is today but where it’s going tomorrow. Our experts are ready to help make sure your assets are covered and your company is prepared for the growth ahead. Reach out to us today and find out more about how updating your coverage can help your business.