The start of a new year is a great time to reevaluate your insurance policies to avoid expensive surprises in the future with an insurance checklist. Take some time to speak with your agent to review your policies to make sure you are properly covered. Even if you haven’t experienced a major change, you could be eligible for discounts or new insurance products may better serve your needs.
Insurance premiums are based on risk. Small business owners who take steps to minimize risk, can help keep their employees and customers stay safe, but also save money. Consider the following:
- Maintain a good driving record, and insist that your employees do the same.
- Keep thorough and up-to-date records of business inventory, accounts receivable and equipment purchases. Keep one copy on-site and another in a different location.
- Have employees keep wallets and other personal items in a secure place. Keep business cash and other valuables in a fire-proof safe.
- Maintain adequate lighting throughout your property.
Keep electrical wiring, stairways, carpeting, flooring, elevators and escalators in good repair.
- Install a sprinkler system, smoke and fire alarms as well as other adequate security devices.
- Whether you sell products, services or both, keep only a small amount of cash on-site.
- Be sure you and your employees know how to properly lift heavy objects, and how to use all necessary safety equipment.
- Finally, make sure your insurance agent is familiar with all aspects of your business so they can confidently advise you not only on which policies to purchase but also on risk management techniques.
By taking stock of your risks with an insurance checklist at the beginning of the year, you may be preventing a headache and a claim later. Learn more today about Professional Liability, General Liability, and Business Owners Policies. Speak with your insurance agent to learn more about securing and protecting your business.