Halloween is around the corner and whether your costume is cute or creepy, I’ve got a treat for you. No, it’s not chocolate. It’s insurance tips!
“Gee, thanks Amy. Super excited to read that.” – says everybody
Well, you should be! This is the time of year to check in with your policies and make sure you aren’t getting ‘tricked.’
With all your policies, make sure things like current address and contact information is up to date:
Auto Insurance: Is mileage usage up to date? Are the addresses up-to-date? Are there people on the policy that no longer drive the car or new people that need to be added, such as your child? Did one of your children go to college more than 100 miles away and NOT take the car – be sure to let the insurance company know that as your premium may be reduced.
Homeowners Insurance: Take pictures of your house and what you’ve got in your house. If something happens, such as a burglary, there is proof those items were there. If you recently received jewelry or an inheritance, add this to your personal property insurance. You can get a rider policy, which is an add-on provision to a basic insurance policy.
Rental Insurance: If you do not own your home or if your child is renting an apartment, you may want to consider Rental Insurance. This is a low cost option that covers the personal property in the apartment if there is theft or accidental damage.
Umbrella Insurance: This is extra liability insurance. If you own a house and have assets like a boat or an expensive car, investments or a second home, this protects you over and above normal policy limits. I suggest looking into this for additional protection against claims or lawsuits.
Life Insurance: Make sure your beneficiaries are correct. If you’ve recently been married or had a child, or more children, or other life changes, get it updated.
Disability Insurance: Do you need more than what you have? Less? Check beneficiaries. Are the amounts sufficient?
Long-Term Care Insurance: If you’re young and you have this, it can be pricey. You’re paying into something you might not use for 30 years or may never use. Look at your age, finances, and health situation and determine if this is right for you. If you are over 50 and want to look at this insurance, find out about the premiums and do your homework.
Business Insurance: Examine your policies every year and make changes as needed. Different types include General Liability, Product Liability, Property Insurance, Workers Compensation, Commercial Auto and others. It is important that you speak to an insurance expert.
Professional Liability Insurance: Speak to an attorney or insurance broker. Every business is different and what you need will differ from say, what I need. For instance, I need Errors and Omissions Insurance as a CFO and when I went from bookkeeping to consulting, some insurance needs changed at that point. Find out what your industry pertinent insurance includes.
Cyber Liability Insurance: This is a relatively new insurance policy that covers cyber security and data breaches. It is best to speak to an insurance broker to see what is covered and not covered for both personal and business.
Business Continuity Insurance: This is another relatively new insurance policy that covers disruption of your business – whether it be from man-made or natural disasters. Be sure to speak to an insurance broker to see what is covered and not covered for your business. Find out what your industry pertinent insurance includes.
That wasn’t so bad, was it? And I bet you have a few things you’re ready to check on right now!
If you have any additions to this list, let me know! Head on over to my Facebook page and add your comments and suggestions. And if you want to chat finances, just schedule some time on my calendar.
Until next month!
