Benefits of a Mid-Year Insurance Review
We’re a little over half-way through the year, which means it’s time to conduct a mid-year insurance review. While you may think that six months can’t possibly be enough time to significantly change your insurance needs, you’d be surprised to find that big changes could’ve been happening without even realizing it, and we highly recommend that every company conducts one.
2 Benefits of a Mid-Year Insurance Review
1. It’s an effective risk management tool.
Business risks come in all shapes and sizes, and some risks are small enough that they may have skipped past your attention. A mid-year insurance review allows you to do a full sweep of all potential risks your business faces without the urgency of your upcoming renewal. Some areas of high-risk include:
- Workplace safety plans
- Employee practices and operations
- Disaster plans
- Changes in the insurance marketplace as a whole
2. It allows you to review changes in your organization.
If you’re a business owner, you’re probably well aware of all the dollar signs that come in and out of your business. But are those numbers being reflected in the policies that you currently have? In other words, are you underinsuring or overinsuring your business? Some things to look at when asking this question:
- Did we hire new people?
- Did we bring on a new product/service?
- Did we buy something new or sell something?
- Have we changed or acquired new locations?
- Have we communicated changes to the people that need to know?
- What things have changed that I need to be made aware of?
At Snellings Walters, we can honestly say that the safety of your business is our number one priority. We exist to lead complex businesses into safety and security so that your true potential is unleashed. Ready to start your mid-year insurance review? We’d love to help you out! Reach out to us here, or give us a call. 770-268-0212