Our agency conducts annual insurance checkups for our contractor clients, and I am often asked “Why is this necessary or recommended since updated information has already been provided in the renewal applications and over numerous phone conversations that occur throughout the year?”
The purpose of the contractor annual insurance checkup is to review your current coverages; to determine if your coverages and limits are adequate (example: have you signed a contract that requires higher limits?); to determine if your key employee structure has changed, and to find out if anything new is going on with your business.
Your insurance agent is not necessarily the first contact you think about when you change your operations or buy something new (unless you need proof of insurance). The time to discover you forgot to let us know is NOT after you’ve had a loss.
During the annual insurance checkup, we will review your Workers Compensation, General Liability, Business Auto, Contractors Equipment, Bonds, Umbrella and Builders Risk (if applicable) and make risk management recommendations using our custom checklist tool. We can also provide you with quotes for Life Insurance, Key Man Life Insurance and Group Health Insurance.
As your business grows, or you downsize your operation, your insurance needs change. Also, the education that you receive will likely result in maximum premium savings.
In addition to meeting with your agent to discuss your business changes and needs, it’s also a good idea to do an annual checkup with the agent who handles your personal insurance.
Working together, we can help you protect your valuable assets by providing the right coverage at the lowest possible cost.