Sometimes as business owners we forget how important it is to make sure that all aspects of our business are covered. We get very focused on what we’re doing in the day-to-day activities and sometimes forget to look at the bigger picture. Insurance is one of these areas. And it gets commonly overlooked.
Do you have a partner in your business? Do you have a buy sell with that person? When is the last time that you reviewed how much the Buy sell insurance is for. Is it enough to cover the current value of the business?
What about your business content insurance. Have you bought any new equipment, new servers, you desks? What about manufacturing equipment?
A good insurance agent is one that will call you at least once a year to review what your business has done. Often, as I said, this gets overlooked and unfortunately if there’s ever an issue you may be left without being able to purchase replacements for anything that is not covered by insurance.