Q&A: It's time to review business insurance policies

Q: Why is the new year a good time to review business insurance policies?

A: It's good to assess insurance coverage on an annual basis because as a business grows or equipment is purchased, liabilities increase. You don't want to be caught underinsured should disaster strike. Another tip to consider is to check all your insurance coverage. You may be underinsured or have a gap in coverage. Never wait until after a loss to learn what you have and don't have.

Q: What can be done to reduce claims and save money?

A: Take advantage of loss prevention. By being proactive on finding ways to reduce risk, you can lessen the chance of a loss and may save money on your insurance premiums. Inspect your property and evaluate your business activities to identify any exposure problems that could result in a claim. Also, taking on more risk can save money. Work with your agent to determine what deductibles best meet your needs and save you money by you taking on a manageable level of risk.

Q: With the insurance market so competitive, what advice can you give to get the best coverage?