Does Your Business Have the Correct Amount of Insurance Coverage?

Have you ever said to yourself, “What is the correct amount of insurance coverage for my business?” This is a question each business should address. Having the proper amount of insurance coverage is vital. Being over-covered on insurance can cost you as much money over the long run as being under covered in insurance will cost you money in the short term.

Be a savvy consumer and business owner and take the time to learn about what you should cover and what should not.

Be Your Own Best Advocate for Insurance  

It pays in more ways than one to be your own advocate. Purchasing the proper amount of insurance coverage will save you money. It can provide you with additional benefits through savings on unnecessary coverage.

Take a Long Hard Look

• Carefully review your health insurance coverage to see if you are paying for coverage you do not need. Maternity coverage can drive premiums up so if this coverage is not necessary, chose a policy that does not cover maternity.
• Reevaluate your co-pay and yearly deductable limits. By increasing your co-pay or yearly deductable limit, you can dramatically decrease the cost of your monthly premium.
• Customize your health care package. Health care packages are available that can be customized to your business and employee needs. Investigate this option to eliminate any other unnecessary features that cause you to be over insured.
• As a business owner, it is smart to carry to life insurance to cover transitional costs and reorganizational fees that would occur upon your death. That being said, it is a smart idea to speak to your insurance agent and carefully calculate your business’ financial needs upon your death. Carrying too much life insurance costs you money and is an unneeded expense.

• Disability and long-term insurance coverage are two areas you should consider for review. Speak with your CPA and financial planner to see what coverage is necessary should you become disabled or need long-term care.

We are Here to Help   

No one knows insurance like Linton & Associates. We are skilled at providing you with expert advice on all your insurance related questions and needs. We would be happy to discuss your coverage and see if you are overpaying for insurance-related products.

There When You Need Us      

It is difficult to stay abreast of changes within the insurance field and it is more important than ever to be an informed consumer. At Linton & Associates, our knowledge team is ready to assist you with all of your insurance needs. Give us a call at 505.247.1530 or leave a comment here and one of our team members will be happy to assist you with any questions.