How Often Should You Review Your Business Insurance Coverage?

April 23, 2019

article image
Many small business owners wonder when they should review their insurance coverage. The truth is that if it has been a while since you’ve reviewed your business insurance, it might be time to make changes. A review is a great opportunity to determine whether your policy meets your current needs. It might help you decide if your level of coverage requires an adjustment. Here are a few times when scheduling a review with your agent is important Expanding or Downsizing. One example of when companies need to review their business insurance is during expanding or downsizing. If you’re moving to a smaller office, chances are high that you don’t need as big of policy as in the past. Likewise, a larger space or a bigger staff requires an increase in coverage. A review is a great time to determine where your level of risk fits with the current size of your organization.

Spotlight

AMERISAFE, Inc

For over 30 years, our policyholders have taken comfort knowing a workers’ comp policy from AMERISAFE carries clout. We do one thing, but we do it well. Focused claims management, along with an AM Best rating of “A” Excellent proves further our longstanding reputation of integrity is unwavering. The same foundation our company was built on carries throughout every policy and relationship. We’re in it for the long haul. Our determined, close-knit team makes tough choices, ensuring a dependable AMERISAFE policy remains the proven gold standard of workers’ comp. Pride runs deep at AMERIAFE and safety overcomes hazard. Our perseverance and reliability stands the test of time.

OTHER ARTICLES
INSURANCE TECHNOLOGY

Innovation rises to meet disability and long-term care risk

Article | January 28, 2022

As the COVID-19 pandemic continues, we are learning to live with it and mitigate its risks. While older adults have suffered disproportionately from the health impacts of COVID, they have also suffered from the effects of efforts to control its spread. Infection rates rose in recent months, and many long-term care facilities again closed their doors to visitors. This left many families separated from elderly and disabled loved ones during the holiday period.

Read More
CORE INSURANCE

Unlocking the potential of deeper customer-agent-insurer relationships

Article | December 27, 2021

Mr. and Mrs. Garcia purchased their first life insurance policies from their agent more than a decade ago, when their eldest son was born. They soon bundled their home and auto policies for a discount. A few years later, when the Garcias started a small business, they worked with their agent to establish commercial insurance. As the business thrived, the family set up fixed indexed annuities and mutual funds to put their growing savings to work. All of their policies and accounts are easily accessible via an online platform, and when a new need arises, they simply message their agent to discuss a new policy. The agent also reaches out regularly to make sure the Garcias’ evolving needs are always met. The experience of the hypothetical Garcia family shows how simple it would be for insurers to build deeper customer relationships. But many insurers continue to struggle to develop relationships with their customers that span multiple products. In fact, limited successes in this area have convinced some insurance executives that there is limited value in cross-sales initiatives. In our experience, however, a more coordinated approach can unlock huge opportunities to meet customers’ comprehensive needs through a principal adviser.

Read More
CLAIMS

Builders Risk Insurance Vs. Liability Coverage: How Each Benefit Works

Article | December 22, 2021

For construction contractors, there is nothing more important than safeguarding your works in progress. After all, if something were to damage the property and interrupt your progress, then you might face a huge financial setback. At this point, it’s critical that you have builder’s risk insurance ready and waiting. Your policy will be there to assist you following property damage at construction sites. However, your builder’s risk policy will not offer the same coverage to injuries or property damage that you cause to other parties. In this case, separate liability insurance benefits will provide the necessary benefits. Though separate from your builder’s risk policy, liability coverage is equally important. Let’s take a closer look at how these benefits work.

Read More
INSURANCE TECHNOLOGY

Making the digital leap in underwriting

Article | December 16, 2021

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

Read More

Spotlight

AMERISAFE, Inc

For over 30 years, our policyholders have taken comfort knowing a workers’ comp policy from AMERISAFE carries clout. We do one thing, but we do it well. Focused claims management, along with an AM Best rating of “A” Excellent proves further our longstanding reputation of integrity is unwavering. The same foundation our company was built on carries throughout every policy and relationship. We’re in it for the long haul. Our determined, close-knit team makes tough choices, ensuring a dependable AMERISAFE policy remains the proven gold standard of workers’ comp. Pride runs deep at AMERIAFE and safety overcomes hazard. Our perseverance and reliability stands the test of time.

Events