National Insurance Awareness Day is June 28th this year. It’s intended to raise awareness so people prepare instead of leaving insurance considerations until it’s too late to protect them.
Here are a few things you can do to increase your insurance awareness so that you can better protect your home, car, and business.
Perform an Inventory
Many people simply guess at how much coverage they need and then automatically renew their renters, condo, homeowners, or business insurance policies annually. However, guessing isn’t a good way to value what you own.
You probably bought new items and some of your possessions, including your home or business property, may increase in value over time. Additionally, your policies may not provide sufficient coverage for some items such as expensive computer equipment, jewelry, art, and sporting goods.
If you haven’t done an inventory, you should. You probably own much more than you thought and you may not have the coverage you need to protect you.
You may want a thorough property cost evaluation for your business, too. A qualified insurance agent can perform one to determine an accurate value based on an array of factors.
Reinforce Workplace Safety Practices
Business owners should continually remind employees of the importance of workplace safety. Periodic refreshers can reduce workplace injuries and insurance claims.
Update your safety manual and walk through any policy changes with employees. Regular safety meetings are a good time to discuss accident and injury causes and the measures employees and management should follow to ensure they don’t happen again. They are also an excellent opportunity to demonstrate the proper use of new safety equipment.
Review Cyber Security Practices
The frequency of cyber attacks, ransomware demands, and identity theft continually increases. As a result, it is more important than ever that everyone follows proper cyber safety procedures.
Unique passwords and proper anti-virus software are a given, but business should consider a breach plan and cyber liability insurance to mitigate risk. Without adequate insurance coverage, your business will bear all associated costs and they’re considerable.
Life Changes Merit Insurance Changes
The type, amount, and purpose of your insurance policies change as you progress through life. It’s important you accurately assess insurance needs at each stage of your life.
You may need to consider income replacement coverage if you have a family with a partner and children that rely on your income. You may also want to ensure your policies pay off debts, taxes, and final expenses if you die.
Those with major assets may want to equalize the distribution of their estate by leveraging insurance.
Schedule an Insurance Review
Automatically renewing your policies can leave insurance gaps. We recommend that you contact your insurance agent at least annually so they can align your policies with your needs.