June 20 officially marks the first day of summer (yahoo!). But before you kick back to relax or take time off to enjoy the gorgeous weather, know that summer is an ideal time to review your business insurance policy.
That’s not meant to be a buzzkill for your vacation plans – even if your business experiences less activity during the summer months.
We’ll give you five reasons why the summertime is ideal for reviewing your business insurance coverage (and how Zensurance can make it a quick, painless process):
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1. The Summer Lull
For some organizations or independent professionals, summertime is when business slows, giving them the opportunity to make necessary equipment repairs, stock up on inventory, and focus on administrative tasks. That window of calm and fewer customer interactions gives business owners ample time to review their existing coverage and consider if it suits the business in the months ahead.
2. Mid-Year Fiscal Reviews
For many companies, summer means assessing their financial performance and future needs to see if they’re on track to achieve their strategic goals. As insurance is a critical part of financial wellness and resilience, considering possible changes to operational risks or future financial investments based on performance in the first half of the year, adjustments to coverage can help the organization align with upcoming activities.
3. Strategic Planning
In addition to financial performance reviews, the middle of the year is typically when many business owners consider what issues and projects they’ll tackle in the year’s second half. While doing so, it’s sensible to prepare for risks that emerge as autumn and winter approaches, such as having more inventory on hand and the threat of weather-related damage to commercial property.
It’s also an excellent time to take a broad view of your company’s risk management strategy and emergency preparedness measures to be ready for whatever comes your way.
4. Insurance Renewals
Many annual insurance policies come due for renewal at the midpoint of the year, making it the right time to review and update your company’s policy. That allows you to explore new coverage options, switch insurers, or seek a better rate.
5. Summertime Natural Disasters
Depending on where your company is located, summer isn’t always blue skies and sunshine. It also means the threat of tornadoes, wildfires, and other severe weather conditions. All the more reason to closely examine your existing insurance coverage to ensure you’ve got adequate coverage limits and update your business continuity plan.
How Zensurance Can Help Review Your Coverage Quickly
If you have an existing business insurance policy with Zensurance or another insurance broker or company and need help reviewing your coverage to know if it’s suitable to cover your needs, we can help.
For current Zensurance clients, get in touch with us when it is convenient for you and let us know you’d like a policy review.
If you’re not a Zensurance client yet, fill out our online application for a free quote and let our knowledgeable brokers shop the market to find a low-cost policy with the level of protection you need. Of course, if you have questions about what your policy should contain, we’re happy to talk to you about your concerns.
Lastly, if you’re a new business owner or entrepreneur who’s looking to buy insurance for the first time, there are things to consider before purchasing a policy and common mistakes to avoid when you do decide to buy a policy.
Zensurance is trusted by thousands of Canadian small business owners, independent professionals, and sole proprietors. Our brokers are insurance experts who can advise you and ensure your livelihood and finances are covered when unexpected accidents and incidents occur.
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