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How to conduct a year-end insurance review in 3 steps

 November 6, 2019     UFG Insurance    Business   Personal  Read Time: 4 min
Year End Review

As the year comes to a close and a new one begins, now is the perfect time to review your insurance coverage. 

Well, let’s be honest: there is no real perfect time to review insurance policies. But if not now, then when? 

Has your commercial, homeowners or car insurance changed throughout the year? Are any of your policies about to expire? It's important to regularly take stock of the plans you have in place and make sure they provide adequate coverage, no matter what life events may have occurred throughout the year.

Here are three steps to consider when conducting a year-end insurance review. 

1. What has changed over the last year?

Do you have a new driver in the family? Perhaps you have a new employee who is required to drive to various worksites. Or maybe your home or office went through major renovations in the past year. During your review, you want to take a moment and think about any new events that might have happened and if they've been reflected in your insurance coverage. Double check to make sure nothing fell through the cracks and that your insurance plans provide the coverage you need going forward.

Here are some other questions to consider when reviewing insurance coverage:

  • Has your business grown to the point where you may need more/different coverage?
  • Has your family or marital status changed? What about your beneficiaries?
  • Did you have to file a claim this past year? If so, were you satisfied with the service you received?

READ: Insurance 101 for small business owners

2. Double check for mistakes

Make sure you examine your current plan in great detail. Are there any general mistakes? Are your premiums increasing? While many of these changes can be explained, you want to be sure that no increases have been accidentally applied because of user error or miscommunication. Setting aside the time to investigate now could help you avoid paying more than you should in the future. If you have questions about any aspect of your policy make sure you reach out to your agent as soon as possible. 

3. Apply for new discounts

If you experienced any change throughout the year, you may have access to certain discounts that you didn’t qualify for at the start of the year. Even if nothing changed or you’re uncertain if a life event would impact your premiums, it could be worth checking with your agent to see if you are receiving all of the discounts that you, your family and your business may qualify for. What worked perfectly for you at the beginning of the year might not suit your needs anymore. Don't find yourself at a loss of coverage because your plan wasn't updated. 

Contact your agent today to complete a year-end insurance review. 

Are you all up to date on cybersecurity practices within your business? Are you sure? Read 5 basic cybersecurity practices for businesses to make sure you’re up to date. 

Disclaimer: Subject to applicable legal requirements, United Fire & Casualty Company and its subsidiaries and affiliates (UFG Insurance) are no longer renewing or writing new personal lines coverage for current or potential policyholders in most states. To accommodate obtaining replacement coverage, we have entered into a renewal rights agreement for most of our personal lines business. Read more here

The information provided is for informational purposes only. Every attempt is made to ensure that the information is accurate; however, it is not intended to replace professional advice. For more information, see Disclaimers & Other Legal Documents.