• What Is an Insurance Audit? 4 Reasons for a Yearly Audit of Your Insurance Coverage

    What Is an Insurance Audit? 4 Reasons for a Yearly Audit of Your Insurance Coverage December 17, 2015

    You may have partnered with your insurance agent years ago to ensure that you have adequate coverage for your business or home. But what have you done since then? Do you and your insurance agent review your coverage yearly? Your insurance needs may have changed over time, so it is important to complete an insurance audit every few years.

    Your Needs Have Probably Changed

    Since the first day you opened for business, your company has likely grown. You may have taken on new employees, expanded your product or service offerings, or seen a significant increase in sales or production – these are just a few changes which equates to a wider variety of risks. By not updating your insurance policy when you grow or make changes, you could be doing your business a disservice and could pay for it in the long run.

    If you have not updated your personal insurance like your auto insurance or homeowner’s insurance in several years, it is probably overdue for a review. A good rule of thumb for personal lines of insurance is to review them with life changes such as a new job, marriage, divorce, or new children.

    There are New Insurance Products

    If you have been in business for longer than 10 years, you probably never considered purchasing cyber liability insurance to protect your company from inadvertent transmission of a computer virus or crashing other party’s network. Cyber liability insurance is a fairly new product, but it is one that most business should consider, especially those who deal with confidential client information.

    If it has been a while since you completed an insurance audit, there may be even more products your business needs that you were not aware of. Taking the time to reconsider your insurance needs and getting a second opinion from another insurance broker can open your eyes to new products you may need.

    You May Be Paying Too Much

    You may not have gotten the best deal when you purchased your insurance policies for the first time. Just like there is no harm in getting a second opinion at the doctor, there is no reason to not get a second opinion or quote on your insurance needs. You may save your company some money in the long run.

    Likewise, with personal lines of insurance, your needs may have changed and you could be over paying.

    The Audit Is Free

    That is right, it is free. Brunswick Companies has always offered a complimentary insurance audit to ensure that your current insurance coverage is adequately aligned with your needs. Our insurance experts will take a look at your current coverages, analyze possible risks and provide you with a free report regarding your current protection. Contact us today to request your free insurance audit.