This Doesn't Make You Money But it Costs A LOT of Money IF IGNORED | Glitch #24

This doesn't make you money but it costs A LOT if ignored whether it's personally or in your business. ❓Have you made time to establish a protocol for both your business and personal insurance policies?

Category: Insurance

Have you contacted your insurance broker yet to schedule an appointment? It wasn't that long ago (Glitch #9 to be exact) when we asked if you've reviewed your insurance lately.

Maybe your policies aren't renewing anytime soon.

a. Do you know where your policies are?
b. Do you have an updated insurance card in your automobile glove box?

Contrary to popular understanding: you must buy insurance when you don't need it because when you need it, you can't get it.

Yes, it's a chore that doesn't make us money, but it can save us money. Insurance is considered an expense until a catastrophe strikes.

🎯 Goal: insurance companies impose increases on policies regularly for one reason or another. Many policyholders don't know what they're paying for.

Two things could be happening:

1. You could be spending more money than necessary by not consulting with your licensed insurance professional.

2. You could be underinsured and won't know until there's a claim which is when you need the insurance the most.

🚧 Actionable item: Know your coverage items and premiums to have an intelligent conversation with your Broker/Agent.

A. Schedule 60 days in advance to plan for a conversation with your broker. It's known as an "annual review" and most insurance agencies don't do it or dislike doing it.

Insurance brokers make money on your insurance each time you renew your policy. Yet, for most agencies, the thought of having a conversation with a client opens them up to hearing how you may be unsatisfied.

This is a threat, but instead of speaking with you, they shy away from having annual reviews with clients. The best agencies are in communication with their clients multiple times during the year to be proactive and accessible.

B. Organize a file for all of your policies separating business vs. personal. If you don't have a Broker or Agent, make sure you discuss with a Carrier representative your concerns with ensuring adequate, appropriate coverage for the premium charged.

💥 We wrote a blog, 3 Things to Expect From Your Insurance Professional: https://auroraconsulting.biz/3-things-to-expect-from-your-insurance-broker/

Find out more about the project: https://auroraconsulting.biz/lets-glitch/

Welcome to the Biz Glitch 366 series where we discuss 366 mistakes that we've made and seen in business over 6 decades collectively.

We'll share a mistake of the day aka GLITCHES. We've organized the 366 glitches into 21 categories. Accounting, Bookkeeping, Branding, Business Growth, Business Operations, Business Structure, Credit Score, Culture, Customer Service, Cyber Security, Financing & Financials, Human Resources (HR), Insurance, Marketing, Mindset, Legal Issues, Outsourcing, Sales, Technology, Training/Education, Website Management

WHO WE ARE:
60+ years combined of owning, running and managing businesses and working with thousands of business owners to understand how business can be fun or it can falter.

Know ahead of time what mistakes to manage and what problems to prevent...BECAUSE THEY HAPPEN!

https://auroraconsulting.biz/lets-meet/

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