There are risks in operating any type of organization. Managing these risks can be a major component in successfully managing and growing your organization. As you are aware, your business or non-profit is constantly changing. These changes can be in your organizational structure, size, number of employees, provision of services, locations, geographic reach, etc.
When your insurance coverage does not adjust to those changes, gaps in coverage can result. These gaps can be catastrophic to your business.
Therefore, it is important for your agent, or insurance manager to collaborate with you and conduct an annual review of those changes. From this, they will make recommendations, such as revising your coverage to provide adequate protection for your organization.
At IMS Business we are not insurance agents or experts, but we understand the importance of managing the risks in our businesses or non-profits.
Typical Insurance Coverage for your organization can include:
Workers Compensation
Business Owners Policy or BOP
General Liability
Professional Liability
Umbrella
Crime Insurance
Employer Practices Liability
Director and Officers Coverage
Cyber Policy
Errors and Omissions
Employee Benefits including Health, Dental, Disability and Life Insurance
Larger organizations will have more in depth scheduled coverage
Do not be embarrassed if you do not understand these coverages. It is the job of your agent to explain these insurance coverages and benefits so that you understand.
The Importance of Securing a Good Insurance Agent
Keep shopping until you find an agent you trust and is an expert in this field. Unfortunately, there are too many agents with limited knowledge. Fortunately, there are also GREAT agents that provide superior service.
How to Find the Best Agent
To find a good agent, ask your peers for recommendations. When searching, ask for at least three different quotes and presentations of proposed insurance coverage. Ask for references.
While insurance may not be your favorite way to invest your money, risk management is a key component in successfully growing your business or organization. Today, commit to requiring an Annual Review of your insurance and employee benefits. It is a critical part of successfully managing your business.
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