As we approach 2022, don’t forget your Insurance Renewal Checklist! While your renewal may not fall exactly at the stroke of 2022, it’s a good idea to start your planning now while you’re doing your annual look back and ahead. Remember, a small bit of proactivity can save you time and money down the road. And, when you consider the tumultuous last two years, a little foresight and control is a good thing!
Do you own a business or make coverage decisions for your employer? Here’s a quick checklist to consider:
- Workers’ Compensation – Document, document, document! Keeping track of your claims history is one of the best ways to put your firm in a strong negotiation stance when Workers’ Comp negotiations begin in late 3rd quarter.
- General Liability – Have there been changes in your operations or exposures that would affect your insurance needs? Re-evaluate your coverage limits based on your recent years’ claims. Consider adjusting your deductible to lower your premium. Make sure your policy includes coverage for you and your employees’ online activities.
- Property & Casualty – As the economy reopens, you may need additional coverage if you’ve added business locations, fleet vehicles, computer systems or other assets.
- Employee Benefits – In today’s competitive job market, it’s a smart move to consider upping your benefits package as a tool to recruit and retain talented employees.
- Cyber Liability – Check with your broker about protecting your business from hackers, system outages, data leaks, etc. Often, these areas are included in General Liability.
For homeowners, a review of your policy terms and limitations is a great way to ensure your family’s protection and optimize the value of your coverage:
- Homeowner’s Policy – Many Americans have used the pandemic and its shutdowns to upgrade their primary residence or even purchase second homes. Simple upgrades like a new deck or artwork need to be factored into your basic and valuable personal property coverages.
- Recreational Items – Did you purchase a boat, motorcycle or RV in the last year? If so, you’ll need to be certain that it and you are adequately covered.
- Flood Insurance – FEMA has recently redrawn the National Flood Maps to more accurately reflect active flood plains. Ask your broker whether your properties need additional Flood Insurance.
- Umbrella Coverage – High net worth families are often more vulnerable to lawsuits seeking damages far exceeding the affected casualty. Consider adding umbrella coverage to protect assets beyond your car and home.
- Cyber Liability – what you and your family say and do online can trigger a defamation lawsuit, especially if you have considerable assets. Your broker can outline standard coverage within your homeowners or add additional riders to suit your needs.
At Oakbridge, we work hard to provide the highest value insurance coverage for our neighbors. We know that your needs change year-in and year-out. We’re here to help you determine the right amount of coverage for your business or your family. Let us know how we can help protect the things that matter most.
We’re Oakbridge, a Top 100 Independent Insurance Agency deeply rooted in the Southeast for nearly 100 years.