If it has been a few years consider taking off the insurance autopilot with this quick assessment.
Here are 10 easy questions you should know.
- Does the insured value of my home accurately reflect the cost it would take to rebuild?
- Did I update my insurance when I put my home or lake home into an LLC or trust?
- Do I want my mechanical equipment or utility lines covered?
- Do I want any jewelry covered?
- Does my home/car insurance cover claims due to a business exposure?
- What if my sump pump fails or water comes up through my sewer line?
- Is my roof covered for replacement value or a depreciated value?
- Can my health insurance deductible be covered if I am in a car accident?
- What if I rent a car on vacation? Or in a different country?
- Does my umbrella include uninsured/underinsured motorist coverage?
- What coverage do I have in place if I cannot operate in my building?
- Does the insured value of my property accurately reflect the cost it would take to rebuild?
- Do I need to get certificates of insurance from my subcontractors?
- Does my general liability cover advice I give clients?
- Does my general liability cover mistakes I could make on employee benefits?
- Is private information from customers covered?
- What if I terminate an employee and they bring a lawsuit against me?
- Do my employee(s) or prospective employee(s) driving history matter?
- What commitment do my employees give me when I give them a vehicle to drive?
- Do I know what affects my workers compensation rates?
This is by no means comprehensive, but how about a catch all question to your trusted insurance adviser? Ask them this:
“Is there anything else I should consider?”
It’s a brilliant question and it opens the door for open and honest conversation. You are in charge. Make the most of it.
Jeremy Hyde | Colligan & Company