If your fiscal year is on a calendar year basis, you’ve probably already been planning for the upcoming year: setting budgets, creating projections, deciding on marketing plans, hiring new employees and more. Have you taken some time to consider your insurance program? A well-designed insurance program can make the difference between surviving, even thriving, after a major loss or closing your doors for good.
Here’s a few things to put on your business’ New Year’s Resolution list:
1). Don’t sign any contract without discussing it with your insurance agent first. Yes, your legal team needs to review it and we can’t offer legal advice, but we can help your interpret whether the contract you are signing is creating legal liabilities or property obligations and we can help determine if your existing coverage can handle them, or if a change needs to be made. And we’re talking any legal contract, even a vehicle or equipment lease, renting a storage facility, whatever.
2.) Do an extensive valuation of your assets. Values increase over time, and little purchases here and there can add up. When was the last time you had a complete inventory or valuation done? Resolve to do that as soon as possible.
3.) Review your D&O. If you have a Board of Directors, have you purchased a “Directors’ and Officers’ Liability” policy? If you have, when was the last time it was reviewed? D&O policies terms and conditions are NOT a standardized coverage and forms are being updated/improved frequently. We’d be happy to review your current policy and make sure you have the coverages required for your particular business.
4.) Insure Your Technology – As your business has grown, so has the sophistication of the technology you use. Are you protecting that technology with the same level of care you protect your physical plant? Contact us to review your cyber liability exposures and make sure a technology claim doesn’t bring business to a halt.
These are just a few ideas of things to review. Contact us today and set aside a morning or an afternoon early in the new year to review your insurance program. It could mean a huge difference for your business in the unfortunate event of a loss.
About Community Insurance Group
Community Insurance Group is one of the largest independent insurance agencies in West Central Ohio with offices located in Sidney, Minster and Fort Loramie. We serve clients throughout Ohio, Indiana, Kentucky, Michigan, and Pennsylvania. Community Insurance Group takes pride in offering a wide range of insurance carriers and products, and works hard to create a successful and viable resource our communities can depend on. We specialize in Agribusiness and Farms, Contractors, Energy Dealers, Manufacturers, Trucking, Underground Storage Tanks, Emergency Service Organizations and Volunteer Fire Departments.