An Annual Insurance Review and Audit Keeps Your Business Covered

An Annual Insurance Review and Audit Keeps Your Business Covered

Directors Liability Insurance

The word “audit” scares practically every manager, because it has such a negative connotation. An insurance audit is one way to protect your business and make sure you have the policies you need for the risks your business faces. Working with your agent to go through the procedures in your business can be scary and intimidating, but it’s to be proactive in preventing future claims, not to criticize you for the way you are doing business. Having a complete insurance portfolio that includes director’s liability insurance protects the future of your organization.

Annually, it is a good idea to review your insurance policies. Work with your agent to ensure every service that is offered is protected by the insurance. Make sure you understand any limitations and exclusions of your policies so that there is no surprise.

Let your agent understand how you do business. Understanding your procedures and workflow will help your agent understand where the risks are in your business. Getting recommendations on how you can do better will keep you from filing a claim and having increased premiums. Work with your insurance company to get the best director’s liability insurance that meets the needs of your business and protects the directors and your organization from the perils they face.