Why you Should you Review your Commercial Insurance Policy Each Year

Taking the time to review to your review your commercial insurance is something you think you don’t have time for, have no interest in doing, and seem like a pain. However, if you just let it update automatically each year and don’t have a comprehensive review with your agent, you could be overpaying, underinsured, and place your business in a state of unforeseen financial risk that you may not be able to come back from.

Filing a claim is the worst time to find out you do not have enough coverage on your commercial insurance policy. So you need to know: WHEN YOUR BUSINESS CHANGES, SO DOES YOUR RISK.

There are many examples of how your commercial insurance policy grows as your company grows. Examples would be:

Increasing/Decreasing the number of employees you have.

Changes in staff mean that’s your worker’s compensation insurance would need to be adjusted. If you are downsizing, you may be moving into a smaller space or growing and moving into a larger space you will need your commercial property insurance adjusted.

Purchasing new commercial vehicles.

When you first started you most likely had just one vehicle that doubled as a work truck and for personal use. But as you grow and hired more employees driving, new vehicles were purchased and those would need to be insured through commercial auto policies for the vehicles. You should of added those vehicles to your policy when purchased but if it’s been a while and your drivers have good records you could be eligible for new discounts.

The business has grown at a good rate.

The more work you do, the more your risks increase. Increase your liability coverage so you don’t pay more out of pocket in the event of someone suing your company or an injury happens on your property.

Major changes in ownership.

If you are bringing in a new partner, a partner quits or passes away, or when ownership changes in any way there needs to be changes to the policy to remove/add names to have proper association on the policy so that no one is hit with unforeseen liability.

You have started using subcontractors.

It is important to be aware of your legal liabilities to them and in the case of any injury, you could be at risk. Make sure that the subcontractors you use have their own insurance policy so that they are responsible for any injury and/or damage that may happen and you’re not responsible for the costs.

We know dealing with insurance can feel like a chore and something you never look forward to. But just know that doing at least a review of your commercial insurance policies annually can help you save money in the long run in the event of claims due to the added/adjusted protection it provides. Additionally, as your business changes, you may start qualifying for larger discounts and help your bottom line that way.

If you haven’t done a full review of your commercial insurance this year. Please give us a call at 614-863-0455 or email at info@arnoldinsuranceagency.com and our agents would be happy to set a time up to see where we can better protect your business.

How to Increase the Value of Your Home

A house is most likely the biggest purchase you will make in your lifetime. Making sure it increases in value over time in the event of selling takes work but there are numerous ways to make your home more appealing to potential buyers.

Update/upgrade the kitchen:

Almost every interior designer and real estate agent agree that improving the kitchen is the best way to increase the value of a home. It tends to be one of the first rooms potential buyers want to look at and a new/modern-looking kitchen always has a “wow factor” that can’t be ignored. Studies show that the kitchen topped the list of ideal home features when surveying millennials. It can be small upgrades to the fixtures or cabinet handles to bring some flash or major upgrades to the appliances, countertops, flooring that buyers will be eager to show off. Another idea is to give your cabinets a fresh coat of paint before you start showing to give it a new look even if they are a little older.

Show off an open concept with room flexibility:

Everyone’s ideal home is different but first-time or upgrading home buyers always want more living space. The open concept floor plan has been the rage lately but now it is becoming equally important to have living areas that are flexible to different functions and not necessary one big open room concept. Finishing a basement or attic adds large amounts of square footage and adds functional rooms for offices, guest rooms, man-caves, etc. that people are looking for.

Update that bathroom:

No one wants to move into a new home and use your old bathroom. If it looks used, worn down, and old, update the fixtures, or add a fresh coat of paint to the walls. These are great ways to make the home buyer feel like they are buying a home with a new, fresh, clean bathroom. Also, a remodel such as new flooring and a few updated fixtures delivers a 70% return on investment, while an upscale bathroom remodel like heated flooring, custom cabinets, and designer fixtures can see 56% on average.

Low maintenance, modern, and smart:

Since many home buyers worry about buying a home that will need constant maintenance, replacing a major component before putting it up for sale like the furnace, water heater, or even the roof may calm fears of an emergency repair in the near future and help get you a higher price.

Additionally, smart homes are a big want right now for younger homebuyers. Programmable thermostats, garage doors, lights, appliances you can control from a smartphone or device are the future, and even if it may not increase the value of your home by leaps and bounds but the appeal factor may be the difference between a buyer and subtle interest.

Energy-efficient:

Telling a potential buyer that your house is modeled to be energy efficient and cost-effective is a great selling tool. Consider double-pane windows, enhanced attic insulation, LED lighting, and efficient appliances as a way to increase home value and entice energy-conscious buyers. This is especially appealing in areas that experience extreme heat and cold seasons.

Curb-appeal, the cover to your homes book:

If a potential buyer shows up for an open house they see unmaintained landscaping and home exterior, they will assume the interior is just as unappealing and may pass right then and there. Mow the grass or hire a professional landscaper to add flowers and plants. Maybe give the outside a power wash and/or fresh coat of paint to let the exterior really show off and give your house an advantage right out of the gate and make the buyers want to see more.

Protecting the financial investment of a home can be a commitment both financially and to your time but in the end, it will be worth it. Taking the same steps in properly insuring your home with a strong home insurance policy from Arnold Insurance Agency ensures that your investment is protected in case of damage, injury to others on the property, and many other unforeseen incidents. For a review of your home insurance, give us a call or email anytime and we would be more than happy to set up a time to see where we can save you money, increase protection, and better protect your home. 614-863-0455, info@arnoldinsuranceagency.com, https://www.arnoldinsuranceagency.com/home-insurance/