We hope these Tips are useful in planning and administration of your program.
Choose your policy expiration date
Select the First of the month for all of your Insurance Policies to expire on. It is easier to administer your payroll/sales figures on a monthly basis.
Have all polices expire on the same day
Having all policies expire on the same day lets you simplify the process of administering all your policies at the same time. It gives you the ability to have a complete picture of your program and your budget. (FYI- Insurance agents love to split up dates in order to retain the business via confusion and the hassle factor.)
Stay cognizant of your losses and almost losses
They will help paint your business’s personality
Review leases, agreements and contracts
A professional agent should ask to review your current Leases, Agreements, Contracts and other papers that paint the paths your business must follow. You may also discover opportunities for savings (for example, you may find that you're not liable for something that you're already paying to insure).
Review limits
Financial Statements and Depreciation schedules will help to establish limits and avoid coinsurance penalties.
Shop Smart
If you plan on shopping your Insurance Program, you should interview several agencies to determine who you can trust and allocate the carriers that they represent. Allow the agencies to show why they should have the carriers they desire. Do not allow an agency to assume control of more than 3 competing carriers. ( This avoids the blocking game and the carriers knowing that you are a “Shopper”. ) You should have no more than 3 agencies proposing.
Create a video inventory of your assets
Shoot a video of your business or home including your contents and store it away from the premises. Should you have a major loss, this could be your only record of what you own or will jog your memory of any missing items. Claims adjusters love to see it as they will have the ability to adjust faster and with more accuracy.
Back up your computer data
Most businesses have computers but many do not know where their back ups are. Just remember it is very easy to locate your backup and put in a new computer. It is difficult, time consuming and stressful to have to rethink all of your data and those that owe you money.
Total Loss
If you suffer a Total or even a Near Total Loss of your Home or building, you should inform your Local Real Estate Tax Authority to get Credit for Temporary Loss of Value of your property.