If you’re like many of the people I’ve spoken with over the past couple of weeks, your life is beginning to return back to a revised sense normalcy, which is a good thing considering you’re probably starting to run short on shows to watch via Netflix, Amazon Prime, or any other streaming service you might have. You’re also probably tired of excessively cleaning your house and have probably completed any minor home improvement projects you’ve been putting off for the last year or two.
So, what to do now? Ask your Facebook friends what series-you’ve-never-heard-of to watch next? Figure out what color to paint that spare bedroom?
Why not take a look at your personal or business insurance program?! Insurance agencies have been up and running throughout COVID-19 and are willing to take your phone call. I know that reviewing insurance isn’t exciting to most people, but it’s a necessary part of ensuring your personal assets and liability exposures are properly protected.
The same holds true if you own a business. Businesses evolve and your insurance program should evolve with it in order to make sure you have adequate coverage in place.
It’s very easy to overlook insurance exposures or forget to call your agent once you’ve finished your basement, purchased a nice piece of jewelry, or added some additional equipment to your business operations. While you may very well find that you need to add some coverage based upon changes in circumstance, you may also find that you can eliminate coverage that is no longer needed.
For example, do you still have full coverage on an older vehicle? If so, do you really need both comprehensive and collision coverage on it? Take this opportunity to discuss this with your agent or account manager and determine if it makes sense to eliminate collision coverage or even amend the coverage to liability-only.
On the other hand, has your business grown and you now have more vehicles on the road? Or, perhaps you added a teenage driver onto your personal auto coverage during the past year. Either way, this would be a good time to discuss increasing your umbrella limits of insurance or – if you don’t have an umbrella in place – consider adding one to your business or personal insurance program.
I realize that there is never an “ideal” time to review insurance, as it’s one of those things that most people prefer to put off in favor of other priorities. However, I beg to differ, as the ideal time to review your insurance is right now, before a claim occurs, especially if you end up having inadequate coverage – or worse – no coverage at all once the loss takes place.
Stay safe and healthy during these times!
The information above is of a general nature and your policy and coverages provided may differ from the examples provided. Please read your policy in its entirety to determine your actual coverage available.
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