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Don’t be a Fool when it Comes to Your Business Insurance

When they were little, my kids used to love playing little harmless pranks on us for April Fools Day. Now that they’re all grown up, April 1 is much quieter around the house. Thinking back on those early April days so many years ago made me think of all the foolish things adults do when it comes to their business insurance policies.  

You might be an April Insurance Fool if you: 

Pick a broker who is all about price and not careful about coverage.

You can always get the price down by removing coverage, but is that coverage you actually need? Beware. Make sure you work with a broker who understands your basic business function and the types of insurance issues that could arise. Your policy should be built in a way that works for you and your business.  

Make a change in your business,  product or service without revisiting your insurance program.

A simple call to an attentive broker is important. Discuss the pending changes in detail and determine if adjustments to the policy are necessary. Insurance coverage is based on classification, and you need to be sure the classification will apply to the new product or service. 

Do not have ongoing conversations with your broker  

Make your broker a part of your team. If your business is changing, call the broker. If you buy, sign, sell or hire, call your broker. Your broker should serve as a business consultant for their clients and a valuable resource when it comes to selecting and maintaining the correct insurance coverage for your business. 

I work with my clients to understand and satisfy their insurance needs, while also paying close attention to the needs of their business. It is my job to serve as a consultant and a business guide.

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