image of sparkler celebrating new yearsThe year is wrapping up for many business owners. With that comes a look back. Before the end of the year actually occurs, take a closer look at what investments you made. What changes did you make to the way you operate? Did you buy any new assets?

For some companies, this is a good time to take advantage of tax deductions by making a few bigger purchases. However, it is also time to reassess business insurance.

Assets and Business Insurance

Every asset a business owns is an investment. It cost your business money and profit to purchase that item. As a result, those assets need proper insurance.

If a fire or theft were to occur, replacing those items would be costly. With business contents insurance, the risks are lower. The insurance could help pay for these losses. Contents protection is a type of coverage under most property insurance policies. Contents insurance needs updating frequently, though.

Look Back Over Your Investments

Business insurance is only as good if it is up to date to match the company's specific needs. Take a look at the last year to see if you made key changes. Here are a few suggestions:

  • Zero in on any large assets purchased. This includes new vehicles, vehicle equipment and any types of valuable systems such as refrigerators, freezers, industrial equipment or similar items.
  • Consider inventory amounts. Has the amount of inventory you carry on a daily basis increased over the last 12 months? If so, you have a larger amount of contents on hand. This means the potential for more expensive losses.
  • Consider furnishings, too. Items such as shelving, desks, and other items are throughout your office. Showroom updates may add more furnishings, too.
  • Think about computer systems and other technology. Any updates to these items can add more value. Think about any changes you made to your operating systems.
  • Factor assets that you no longer have. Many times, companies get rid of high-end items and do not immediately replace them. This impacts your contents coverage, too. You may actually need less protection.

Take a close look at receipts. Consider any investments that could make your contents more valuable. Then, content your business insurance agent. Consider a rider or special endorsement for these contents. These add value for specific items. You can also increase the amount of overall coverage you have. This gives you more protection. It safeguards your business's financial health in risky situations.

Contact Buschbach Insurance at 708.423.2350 to get your current coverage reviewed or email us your questions for a prompt reply.

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