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Insurance is a paradox — it's something you are glad to have but never really want to use. This means you are paying monthly or annual premiums for a product that you will only fully appreciate after experiencing a traumatic or unpleasant incident. So how do you make sure you are getting the most from your insurance policies? I asked Terri Wright, an agent with State Farm Insurance in Yarmouth, for some tips.
This is the time to let your insurance agent know how your business works so they can spot any potential risks. I know of one business that forgot to tell their agent about an off-site location they only used a few times a year. When an accident took place at that location, the event wasn't covered. This ended up costing the business a large sum of money, especially when the client insisted on full repayment for the damaged property.
Given that, why should you keep all of your insurance policies with the same agent? One good reason: liability exposure is your biggest concern and the best way to address this is to keep all of your policies with one agent. In a time of crisis, you don't want to be stuck between two different companies arguing about who will cover the liability issues. Sticking with one agency makes it easier to coordinate the myriad of details and payments that will naturally occur after you start using your policy benefits.
Throughout all of this, a good, honest, and trusting relationship with your agent is needed. Make sure they know how you operate your business. The spectrum of your business can change — including what you do — so be sure they know the scope of your operations, the number of people you employ and the value of your inventory, especially since these numbers can change on an annual basis. Make sure your agent has enough information so you both feel comfortable that you are properly covered. The goal should be “no surprises” for either you or your agent, especially if you do end up needing to use your insurance policy.
Consultant Alison Hinson, owner of Alison Hinson MBA LLC, can be reached at ahinson@midmaine.com
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