68 - Breaking Down Insurance Policies

Welcome back to the Scale Your Small Business Podcast with your host, Jillian Flodstrom. Today, we’re talking about insurance policies. These crucial aspects of your business can make or break you in moments when you need it most. Let’s look at the tools you can use to make sure you’re ready when the time comes.    The first tip may seem obvious: make sure you’re working with an insurance agent. 800 numbers are great, but having an individual you know you can count on for answers, help, feedback, and act as team member for you is game-changing.    Carefully consider if you should file a claim or not. Sometimes, it just doesn’t make sense when you take a look at your deductible. Plus, if you file small things constantly, you run the risk of your insurance agency dropping coverage. If that happens, you’ll be high and dry when something significant occurs.    Make sure you understand your policy and keep it updated regularly. You don’t want to find yourself in a situation where you’re without a paddle and have no idea what’s going to work.    Prepare yourself for how long the process of filing a claim can take. Be clear on what your insurance provider requires to file a claim and understand that if there is a question, things will not move forward until it’s answered. It can take even longer the more parties are involved.    Document everything! Take pictures and keep them in a large, secure digital storage space. This way, you can share everything you know with your agent, and everything is on hand when it’s needed.    Key Takeaways   Make sure you’re working with an insurance agent. 800 numbers are great, but having an individual you know you can count on for answers, help, feedback, and act as a team member for you is game-changing.  Carefully consider if you should file a claim or not. Sometimes, it just doesn’t make sense when you take a look at your deductible. Plus, if you file small things constantly, you run the risk of your insurance agency dropping coverage. Make sure you understand your policy and keep it updated regularly. Document everything! Take pictures and keep them in a large, secure digital storage space. This way, you can share everything you know with your agent, and everything is on hand when it’s needed.