Review Your Insurance Coverages
Inadequate insurance coverage can lead to major financial loss if your business is damaged, destroyed or simply interrupted for a period of time. At least once each year, gather your insurance records together and review the adequacy of your insurance policies. Be sure to evaluate all coverages, including life insurance, disability income insurance, homeowners insurance, auto insurance, liability insurance, renters insurance, long-term-care insurance, etc.
Insurance policies vary, check with your agent or provider.
1. Meet with your insurance provider to review current coverage for such things as physical losses, flood coverage and business interruption.
2. Understand what it covers and what it does not.
3. Understand what your deductible is, if applicable.
4. Consider how you will pay creditors and employees.
5. Plan how you will provide for your own income if your business is interrupted.
6. Find out what records your insurance provider will want to see after an emergency and store them in a safe place.
