Forward Bank

Your business insurance is vital to ensuring that any potential losses or liabilities are covered if the worst happens. It is entirely too important to just scan quickly and pay when it comes to renewal time. It's a good idea to review your business annually without the stress of impending expiration dates. Preparing for this annual review is one of the most important things you can do, as missing a crucial part of your coverage could cost thousands of dollars.

Below are a few tips on what to ask for your business insurance review so you can save time and a potential future headache.

What do you need to protect?

Many parts of your business may change year after year: property values, equipment, machinery, technology, product lines, personnel, and the list goes on. These changes can all impact the types of insurance you need or the amount of coverage you need. Consider these categories.

• Premises: Have you remodeled or made any additions? Have you added or taken away equipment?
• Business personal property: Have you upgraded your computers, electronic equipment and other equipment that is vital for the functioning of your business? Do you have new office furniture?
• Vehicles: Have you made any changes to your fleet?
• Loss of income: Are you covered if your business suffers property damage and cannot operate temporarily?
• Technology and data: Are you covered should your company suffer a cyberattack or breach of data? (Learn more about Cyber Liability Coverage).

What liabilities should you consider?

Any business runs the risk of lawsuits. It is crucial to review where your company may have potential exposures and ensure you have insurance policies to cover these. These questions may help you.

• Products: Does your company sell, distribute or manufacture goods? You could be sued if you are any part of a chain of distribution.
• Workplace injuries: Is your workers' compensation adequate?
• Professional liabilities: Do you have appropriate errors and omissions insurance to cover what is not included in your general liability insurance?
• Catastrophic claims: Do you need an umbrella policy to cover unexpected events?

Can you save money on your premiums?

There may be opportunities to save, such as multiple policy discounts or new programs that may lower your insurance costs. When considering how much insurance to obtain, you should also think of your business and your personal financial situation. You may be able to make changes to your policy that will lower your premiums. If your financial situation is solid, you could consider having larger deductibles and lower your premium.

Time and effort are needed for your annual insurance review, but that doesn't mean that it has to be complicated. The agents at Forward Insurance are here to help you along every step of the way. We can review the answers you uncovered and catch any questions that you may not have considered. We can help you look at the big picture and add or make changes to your policies to ensure your business is adequately protected. Call or visit us today and we'll get you set for your annual review.