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Get more value from your business insurance

June 28, 2022

Get more value from your business insurance

Synopsis
3 Minute Read

Whether your growth was stymied by a business interruption, or the pandemic saw your enterprise become smaller, updating your insurance values is a key strategy to undertake right now.

Partner, National Leader - Insurance Advisory

As businesses steadily move forward in a post-pandemic economy, insurance remains an essential component of your strategic planning. In advance of Insurance Awareness Day June 28, we’ve outlined examples of ensuring you have proper insurance values on your insurance policies.

The pandemic has brought seismic changes to industry; some businesses struggled mightily, and closures had negative impacts on their short and long-term outlook. At the same time, other businesses saw large increases in business due to consumer spending and economic factors. In such cases, revising your annual business interruption insurance value is essential.

Insurance premiums are influenced by business interruption insurance values — and loss-based coverage rests on them. You might be paying insurance premiums on an income stream that simply no longer exists. And, if your insurance values reduce, your policy premium will reduce as well.

In other cases, your business might have doubled its growth but had a business interruption that resulted in a penalty for under-insurance. Factoring in that growth trend is important to establish a proper value and collect the insurance proceeds owing on a loss.

Go deep, with help

The current crisis should encourage organizations to review your insurance values and evaluate the impacts to your employees, customers and ultimately, your business outlook. Key factors to consider include industry, consumer demands, pricing, and supply chain issues.

Do not wait for renewal to update your business interruption insurance values. An experienced insurance advisory team can help you conduct an assessment to ensure your outlook and your coverage match your current economic environment.

Contact us

To learn more about how MNP can help your organization, contact Craig Burkart, CPA, CA, IFA, CFF, CIP, National Leader Insurance Advisory.

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