A lot has changed since Covid hit. If you’re like most business owners, you’ve had to do a lot to adapt to the new reality. A lot of this was kind of like putting out fires; highly urgent. How do we work outside the office? How do we keep clients safe? Wait, why is zoom asking for a password now? Here are some Covid-related insurance needs and actions you should consider.
There were likely some things that could have been done to reduce your premiums on insurance back when this pandemic started.
The best commercial insurance providers contacted their clients shortly after it became apparent this Covid pandemic was going to take awhile to get through. Here are some of the things that the best agents/sources did for their clients:
- Lowered estimated gross receipts. This could really LOWER your liability premiums.
- Lowered estimated payroll. This could lower your workers compensation premiums
- Reviewed coverages to ensure you have what you need but not what you don’t need.
Now it’s time for you to do a few things to address those Covid-related insurance needs.
- Consider getting a second opinion on all of your insurance .
- Ask for a comprehensive review—what gaps are there? What do I really need? Where can we save responsibly?
- Make sure to check with at least one good indie agency besides your local agency.
- There ARE alternatives to your local agency … for example, one of our favorites for most industries is Mylo … Here’s why: comprehensive review, true one-stop shop, 100+ companies and thousands of products. There’s a high chance they’ll have an awesome solution for you, cool combination of licensed industry experts AND data-driven shopping technology etc.
- Things have changed during covid. If you haven’t shopped in the last 6 months—do it now. You might be surprised at what kind of deals you can get.
- If you don’t switch to something better: Adjust gross receipts and payroll estimates on your current policies. They may not be the biggest savings, but it’s better than not doing anything..
- Any good agent would have called you proactively when Covid first started. If your agent didn’t, perhaps it’s time to shop. There are good agents that will stay on top of your account for you.
- This impacts your rates. Often, they won’t adjust these going back in time, only going forward—so every day you wait, you’re paying more than you should.