Call Us 708.423.2350 ☰ ˟
Logo
Call Us Today 708.423.2350
  • Home
  • Get A Quote
    • Automobile
    • Boat
    • Business
    • Contractors
    • Flood
    • Health
    • Homeowners
    • Limousine
    • Motorcycle
    • Professional Liability
    • Recreational Vehicle
    • Renters
    • Trucking
  • Customer Service
    • Automobile
    • Business
    • General Liability
    • Motorcycle
    • Broker Services
  • Blog
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
    • Important Files
    • Insurance Glossary
  • About Us
    • About Buschbach Insurance Agency, Inc.
    • Location
    • Career Opportunities
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
  • ProducerPointers
Home > Blog > How to Review Your Business Insurance for Asset Protection
TUESDAY, JULY 17, 2018

How to Review Your Business Insurance for Asset Protection

Business insurance provides protection for your business risks. This includes liability and asset protection. Most companies grow and change throughout the year. How does that effect your insurance coverage? image of contract diagram

If your coverage does not change along with your business, you could suffer losses. You might leave yourself open to risks for which you don't have protection. A review of your business assets is a good place to start.

Determine Existing Assets

The best first step is to know what assets your company owns. Your business insurance will list all real estate on it. This includes leased or owned property. It should include any outbuildings, sheds, signage, trailers, or other property. Be sure it lists any specific asset by name. You want to be sure this information is accurate. Then, answer the following questions:

  • Do you still own these items as a part of your business?
  • Did you add any new assets to the business in the last year?
  • Has the value of these items appreciated or depreciated over the last year?
  • Can you replace these items easily if lost?
  • Do you still use these items as a component of your business?

These questions give you insight into what your coverage is and how well it is working for you right now. Be sure to update it by calling your business insurance agent.

Consider New Risks

Naming assets on your insurance is a good first step, but not the only thing you need to do. You also need to be sure the risks your company faces are the same.

To do this, work with your insurance agent. Discuss risks in your area such as crime rates. You may also want to consider weather events. The value of rebuilding your real estate can also play a role. If the cost to rebuild increased over the last year or so, you may need to improve your coverage. You want your policy to cover the total cost of rebuilding, especially as construction costs rise.

Business insurance is only as good as the details. If your coverage does not match the risk and value of the property you own, your agent can help you. The process takes updating your coverage. It may mean adding more protection or removing some. The key here is to learn what to expect from your policy. If the policy matches your needs, you will gain the peace of mind knowing your assets have protection.

Also Read: Is Your Business Outgrowing its Business Owner's Policy?

Posted 8:00 AM

Tags: business insurance, business ownership tips, asset protection
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013

  • insurance(169)
  • business insurance(145)
  • tips(99)
  • coverage(85)
  • safety(52)
  • oak lawn(50)
  • restaurant insurance(43)
  • savings(42)
  • illinois(41)
  • business(31)
  • commercial(27)
  • commercial auto insurance(22)
  • auto insurance(21)
  • chicago(20)
  • liability(19)
  • policy(18)
  • home insurance(18)
  • chicago il insurance(17)
  • bop(17)
  • protection(16)
  • workers compensation(14)
  • buschbach insurance agency(12)
  • general liability insurance(11)
  • owners(11)
  • cyber liability insurance(10)
  • business owners policy(10)
  • buschbach insurance(10)
  • trucking insurance(8)
  • risks(8)
  • restaurant(8)
  • general liability(7)
  • auto(7)
  • illinoise(7)
  • driving(7)
  • surety bonds(6)
  • construction insurance(6)
  • claims(6)
  • cyber(5)
  • workers(5)
  • vehicles(5)
  • employee(5)
  • compensation(5)
  • security(4)
  • car(4)
  • umbrella insurance(4)
  • events(4)
  • building(4)
  • liability insurance(4)
  • worth(4)
  • value(4)

View Mobile Version
buschbach logo

Physical address: 5615 W 95th St
Oak Lawn, IL 60453
Main Phone: 708.423. 2350
Email: sales@buschbach.com

 facebook Social Icon Social Icon Social Icon Social Icon
© Copyright. All rights reserved | Powered by Insurance Website Builder