10 questions to ask yourself before renewing your business insurance
When shopping for insurance, our choice is often guided by the amount of the insurance premium, which is legitimate. However, is your insurance coverage adequate?
In the event of a claim, for example, will you receive compensation corresponding to the reconstruction value of your building and the replacement value of your property? Take note of the ten questions to ask yourself to be well insured!
1. Does the valuation of my commercial assets take everything into account?
Goods may include:
Furniture and valuables;
Telephone and computer systems;
Machinery and tools;
Valuable documents and archives;
Material and equipment related to your field of activity.
Read more about this by reading the article Is Your Business Underinsured?
2. Does the inventory of my products fluctuate significantly, depending on the season or certain events of the year?
Depending on the activities of your business, certain times of the year can increase your inventory and therefore increase its value. For example, the holidays are a very busy time for many retailers and wholesalers.
3. Have any activities been added or modified in my company?
If you are offering new services such as online ordering and delivery, additional insurance coverage may be required.
4. Have new employees been integrated into my company?
The hiring of additional employees and the increased risks associated with certain skilled trades may also require the adjustment of the amount of liability insurance or the addition of additional coverages.
5. Has my income decreased or increased over the past year?
If your income has increased, the Basic Income Loss protection under your insurance contract may not be sufficient. However, to better protect your business income, you can add an optional guarantee offering more extensive coverage such as Business Income Insurance: Sudden Real Loss - Desjardins Insurance profit formula.
6. Has my neighborhood changed?
Premises left vacant in the vicinity may be considered to be at risk in terms of insurance. If your environment changes, you must notify your insurer.
7. Does my business operate outside of the province?
If so, your insurance coverage may be increased, for example, depending on activity and income.
8. Does the valuation of my building reflect the reconstruction value?
If you have to rebuild your building following a fire, would the amount of insurance listed in your contract be sufficient?
Several factors must be considered in this assessment, including the cost of labor and construction materials, the standards of the Quebec Construction Code in force and demolition costs. The help of a certified appraiser is recommended.
9. Has my building been renovated or enlarged recently?
Any improvement to the premises can influence the reconstruction value of your building, so it is important to mention it to your insurance agent as soon as possible.
10. Have protective measures been added (eg alarm system, surveillance cameras, etc.)?
Measures to protect your property and your building help prevent losses. In some cases, this translates into savings on the insurance premium.
Finally, for your business to benefit from adequate coverage, any change to your building, property or activities should be immediately reported to your insurer and not just when you renew.
Category Companies
10 questions to ask yourself before renewing your business insurance
When shopping for insurance, our choice is often guided by the amount of the insurance premium, which is legitimate. However, is your insurance coverage adequate?
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