10 ways to improve your risk management practices

1. Meet with your agent at least once a year to go over policies and coverage's to make sure they are still adequate with your current situation.

2. Check to make sure all dead bolts, window locks and smoke detectors are still functional.

3. Have a SUP Pump handy in case your basement floods.

4. Never skimp on liability coverage no matter what type it is. It is relatively cheap and you are not saving that much by skimping on it.

5. Check the water line connected to your ice maker behind the fridge and your dishwasher to see if there is leakage periodically.

6. Make sure your deductibles for your insurance are adequate for your current situation. This is to insure that you will not feel financial strain when needing to make a claim at the same time you can save money on your monthly premium.

7. When applying for Term Life Insurance a good rule of thumb is to have enough coverage to pay any outstanding debts and to provide at least 5 years of income to whom you may have left behind.

8. When applying for any insurance coverage. It is always good to know what is excluded from the policy. The last thing you want is to think you are insured for something your not.

9. In the case of a Workers Comp Policy. Make sure that your payroll is adequate so that when you insurance company does their annual audit you will not be charge any extra premium.

10. Know who your agent is and what kind of an agent he is. Have someone who you can reach easily and answers your questions thoroughly.

#riskmanagement #insurancetips

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