When you have an insurance policy, it’s easy to get complacent. You have your coverage, you’re used to paying your premiums. But being complacent isn’t good when it comes to your insurance policies. Failure to shop yearly could mean leaving a lot of money on the table for you and your firm.
It’s best to take a yearly inventory of your insurance needs. Have your coverage needs changed? If you don’t take time to look at what type of coverage you need every year, you can find yourself in a tough spot when something happens and you aren’t properly covered.
Some examples of changes you may have experienced in the past year are:
- Change in Number of Employees
- Increase in Revenue
- New Office Locations
- Bought a Building/Sold a Building
- Changed practice areas
Even if your coverage needs haven’t changed, prices might. It’s good to check other insurance companies and see what they’re offering — perhaps you’re paying too much for certain coverage. If you are an L Squared client we can do the shopping for you, but first if your needs have changed be sure to keep us informed.
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Lee Norcross, MBA, CPCU Managing Director, CEO (616) 940-1101 Ext. 7080 |
