With a New Year comes new goals and resolutions. Maybe a little less sugar, a little more exercise or maybe a little more planning. You can be due for a new vehicle, a new house, or renovation project. Perhaps you are a business owner and are looking into new products, new staff or new trading areas. Believe it or not, all these changes have 1 common thread; they affect your insurance, whether personal or commercial.
This is where planning comes into the equation. Each one of the changes mentioned above will impact the cost of insurance. Did you factor that in? Have you included the cost of insurance in your budget?
New Car: A new car can potentially increase your insurance; however, with the new safety additions such as antonyms breaking, it may actually reduce the insurance. Certain insurance companies are providing discounts for advanced safety devices and its worth looking into.
New Home: Always exciting to begin the journey on a new place to live. Sometimes its hard to determine to buy new or pre-used. There are many variables at stake. Insurance can vary greatly based on the type and location of the home. Newer homes tend to qualify for discounts based on the year built while older homes require details regarding any renovations done to the plumbing, heating, electrical & roof.
Renovations: Speaking of renovations, do you have plans of maybe finishing your basement this year? Maybe adding a new deck or tearing down a wall in the house? If so, you might want to include the additional cost of insurance to your budget. On the flips side, adding additional safety measures can help to reduce your cost. Alarm systems and sump pump sensors are just 2 ways to bring down the cost of insurance.
New Products: As a business owner, you should be in constant contact with your insurance provider to inform them of any changes to your operation. A new product/service can change the coverage within your insurance policy and possibly make it null and void. Be sure to share your ideas and obtain some advice on how to proceed.
New Staff: Growth is GREAT. Be sure to advise your insurance company of this great growth. A seasoned insurance representative will be able to provide some advice and consult on risk adverse behavior that may help you to avoid a claim with a larger team.
New Trading Areas: Each territory comes with unique perils. Whether a different town, city or province, alterations to where you do business can have an impact on your insurance.
So, with the New Year in full swing, it is time to sit down and focus on planning all aspects of the changes that you are implementing in 2019. Remember to reach out to a licensed insurance broker to help to navigate you through it.
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