Insurance comes in many forms to cover people and property. While making a standard Certificate of Insurance request with a living person (rather than the website they tried to get me to go to), I discovered a 2012 loss-payee that should have been dropped after the 2012 rental of a video camera. YET, they were still listed on my company policy. YIKES!
Annual review of insurance details is a good idea (as I discovered). Work with your insurance company/agent to learn what your company most needs because there are hundreds upon hundreds of nuances and details. I’ve found both my personal and business insurance agents to be friendly and informative – as long as I ask the questions and always ask “What else should I have asked you about?” They are always happy to share more information.
Some insurance is nice-to-have and some insurance is required by your vendors, by your clients, and/or by governmental regulations. Be sure to know what you need and learn what you can afford to carry (or not carry). Question asking is the key to establishing the best policy or policies for your business.
- Given my type of business, what legally/governmentally must I carry?
- Given my type of business, what policy inclusions make sense?
- What forms of insurance do I need as an owner? As an Employee?
- And the list grows from here!
At one point I had insured my voice as a part of my business assets. When pursuing the policy, I was offered a long list of additional covered items which I opted not to add. The very fact that these options were being offered told me I was at very low risk of ever needing to make claims on them; so, I didn’t accept the additions and thankfully have not needed them. Whew!
What conversation do you need to have this week with your insurance company?
Invitation from Jana: Your meetings – online and in person – are your most important tool for achieving team successes. If you’re ready to take strategic steps toward managing meetings and results as effectively as possible, we’d love to talk with you about partnering.
Workplace – the Blog: Managing the moments of our day-to-day business lives takes work. Together, let’s explore what issues and activities affect us every day (or some days) that we go to work.