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1/13/2012 - Reviewing insurance policies good step to fiscal health

Businesses should review their insurance policies regularly.

When it comes to implementing strategies aimed at improving your financial situation, the Insurance Information Institute advises reviewing your business insurance policy to make sure the benefits provided are still ideal.

"Just like we do an annual physical checkup, we should also take care of our financial health and that includes talking with our insurance agent every year," said Loretta Worters, vice president of the III. "It also means being our own advocate, taking the time to read our policies and not just shove them in a drawer."

She added that because companies are often in a constant state of flux, their insurance needs can change depending on their individual situations.

In order to determine how much coverage is needed, Worters says policyholders should consider their property, their liability to others, how their facilities are constructed and any other risk factors.

For more information on how to adequate determine business insurance coverage, speak with a Selective independent agent.

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