As the world edges toward getting back to business, I thought about what a small business owner should be reviewing with their agent, if possible, prior to re-opening. Actually, anytime before you have a loss, is a good time to take a hard look at your Risk Management program. That means identifying and priortizing the risk's that your business faces each and every day and evaluating the potential effectiveness of your insurance program. 

As many have discovered, insurance does not cover all possible risks which makes a periodic "in depth" review all the more important. The idea is to identify the risks to your business that you are unable or unwilling to "self insure" and fill those gaps with the appropriate policies and coverages in the most economical way possible. Notice I did not say "cheapest" because, as in most purchases, you will get exactly what you pay for.

So to help clarify which coverages you should consider reviewing, I've put together a "Back to Business Insurance Review " checklist. If you have an agent that you trust, call them ASAP and schedule some time. If not, feel free to call me at 516-755-7966 and I'll be happy to help you build an insurance program that works for you.

             “Back to Business” Insurance Review

            Review Process

• Check for “Gaps” inside policies AND between policies.
• Check Conditions & Exclusions.
• Check optional Endorsements.
• Check Coverage Limits & Deductibles.
• Check Claims Procedures & Claimant Requirements.
• Check for Discounts & Cost Savings Measures.

            Property & Casualty

• Business Owners Policy
• General Liability
• Business Interruption
• Cyber Liability
• Business Property – Building & Contents
• Workers Compensation
• Commercial Auto
• Business Flood Insurance
• Professional Liability

           Financial Protection

• Life Insurance – Debt Remediation
• Key Man Insurance
• Buy Sell Agreement
• Section 162 Bonus Program
• Disability Income Protection
• Long Term Care

           Financial Growth

• Tax Qualified Savings Plans – 401K, SIMPLE IRA, 403B ,457B
• L.I.R.P. = Life Insurance Retirement Plan
• Fixed and Variable Annuities