Maybe you’re thinking, “I’ll review my insurance at the end of the year, along with all my other financial planning.”
Think again, because right now is a good time for an insurance review!
Why Should I?
At Competitive Edge Insurance, we believe that you are more than a history of insurance claims. There’s so much more to the story of your business than shock losses and industry pivots. We make sure to learn about your whole business because articulating who you are as more than a series of profit and soss (P&L) statements allows carriers to confidently cover you and your business.
Here are some steps that you as an individual, health and wellness practice, or general contractor can take to review your insurance now.
What Are The Steps?
One of the first questions to ask yourself is, “What has changed over the past year?” The insurance coverage you have is bound to change based on the previous 12 months. This is even more so given the aftermath of a global pandemic.
Next, one key factor in an insurance review is to consider risk. To successfully mitigate risk, you need to ensure there is a transparent and frequent line of communication between project managers and stakeholders. Stakeholders might include owners, contractors and subcontractors, architects, and so on, depending on your project.
Work in tandem with stakeholders and go down the rabbit hole: What is everything that could potentially go wrong? After going down the rabbit hole, assess the risk. For each potential risk, rate it. On a scale, discuss the impact each risk would have on the project. Then, assign priority to the largest risks.
After evaluating each risk that is currently affecting your coverage, seek more developed opportunities. You may qualify for discounts if circumstances have changed, which is worth looking into.
Let’s connect! At Competitive Edge Insurance, our team is dedicated to your safety, security, and ongoing success. Our clients stay with us for decades because we have their business’ best interests at heart and the depth of knowledge and experience to protect and insure them no matter what the market conditions.