Reevaluate Your Insurance Now

You may not be aware that many insurance companies are reducing premiums and offering more comprehensive coverage because we are currently in a soft, or buyer’s, insurance market. Your insurance requirements are likely to change due to trends in your business and in the economy, and it is important to keep your policy up-to-date. If you purchase property insurance, make sure to get a replacement cost valuation of the property. These values have changed dramatically over the last 12 to 18 months.

Analyzing your coverage in light of the current market will give you a better understanding of whether or not you’re getting the most bang for your buck. It is important for all policyholders to ask themselves when was the last time they received a coverage audit. Coverage audits are key in determining whether you are properly covered against current exposures. You should ask your insurance professional for an audit at least once annually or if there is a major change in your operations (for example, a significant increase or decrease in your workforce, an acquisition or a major change in company revenue). Taking advantage of the market by reviewing your policy in detail to make sure it is up-to-date with your current needs and maintaining a good working relationship with your broker will help you take full advantage of what is available to you.