We’re in a world of change. Does your insurance cover new exposures and mitigate evolving risks?
Change is a sure thing.
The last two years have emphasized the constant cycle of change, demanding that we adapt and overcome almost daily. But change isn’t all bad. The pandemic environment has taught us so much as individuals and professionals. Change stretches us. It pushes us to do more, be more, know more, juggle more, appreciate more, and help more. During uncertain times, we can learn a lot about ourselves and each other. We can grow together and emerge stronger and more resilient.
Yes, the market, our lives, and our communities have experienced a tremendous amount of movement in so many ways. While riding these shifting waves, we can easily forget to press the pause button to take stock of how these changes have impacted our lives and businesses. How can we apply the lessons we’ve learned? What risk management strategies and resources are in place to mitigate potential losses?
Despite ongoing change, you can Be Sure.
As we surface from two tumultuous years, there’s no better time to reflect on the change that has occurred so we can put in place plans, protections, and resources to prepare for whatever life brings next.
We invite you to take a moment to think about changes you have experienced at home and work. The goal: Know your exposures. Know your limits. Know your options. Here are some key areas to consider:
CLOSE COVERAGE GAPS
Did you celebrate a graduation, get married, or welcome a new baby? Did your teen get a driver’s license, or perhaps you have younger children and decided to ramp up home entertainment with a backyard trampoline or pool? Did your significant other give you a diamond for your anniversary? And what about those home improvement projects you completed during the pandemic to make home a sweeter place to live, work, and play?
These events—changes—matter in the insurance arena. Our lives are ever-evolving, and a regular review of exposures and limits is necessary so you can close coverage gaps. At the end of the day, there is a way to minimize uncertainty. Connect with your insurance adviser and discuss changes so you can understand what coverages are in place. You don’t have to wait until renewal time to edit and update your insurance.
IDENTIFY EMERGING RISKS
For many, the way we work and spend time at home has shifted significantly. If your office is now in a spare bedroom, is your critical data secure? Today’s more fluid and hybrid workforce can lead to new business risks including cyber liability or how to manage workers’ compensation claims arising from incidents at your employees’ homes.
Across many industries, the challenging labor market is pressuring employers to hire individuals whose inexperience can expose a business to greater risk. To Be Sure, managers should revisit training programs, enhance data security and risk management practices, and increase the frequency of safety meetings.
Perhaps you’ve expanded your workforce or added new equipment that requires coverage.
When you factor in supply chain disruptions and inflation, the cost to replace or repair what’s lost may be greater than you planned. What to do? Again, a conversation with your insurance advisor will help you identify new exposures and evaluate whether the limits currently in place are up-to-date given increasing values. Plus, these discussions may uncover other strategies you can use to mitigate risk.
KNOW YOUR OPTIONS
The good news about change is that coverages and insurance products also move with the market, evolving to keep you secure. And our portfolio of resources keeps growing. We’ll connect you to a variety of experts who deliver training and other programs to improve wellness, sharpen skills, and beyond. What we’re saying is, you’re not alone. As your life and business evolve, there are options to close coverage gaps, manage emerging risks, and position yourself to embrace the opportunities that change brings.
‘BE SURE’ CHECKLIST
- Check in with your insurance advisor to discuss life changes.
- Consider ways you have enhanced your property, from renovations to purchases.
- Identify your costs—how have inflation, supply chain disruptions, and a tight labor market changed the way you operate?
- Ask about resources to help you mitigate risk and reclaim your peace of mind.
- Don’t wait until renewal to start the conversation with your insurance advisor.