Changing of the Horse GuardWhen you have insurance coverage, it's easy to get complacent.   That first year when you purchase your initial coverage you may have spent considerable time reviewing your insurance needs and getting the proper insurance coverage.  Now you have your coverage and you're used to paying your premiums. So, if it ain’t broke don’t fix it.  But being complacent isn't good when it comes to your insurance needs.

Take a yearly inventory of your insurance needs. Have your coverage needs changed? If you don't take time to look at what type of coverage you need every year, you can find yourself in a tough spot when the unexpected happens and you aren't properly covered.  Like it or not only you know what has changed with your firm.

Some examples of changes you may have experienced in the past year are:

  • Change in Number of Employees
  • Increase/decrease in Revenue
  • New Office Locations
  • Bought a Building/Sold a Building
  • Changed practice areas or types of clients
  • Coverage changes required by clients

And over time the world changes.  Many firms 10 to 20 years ago did not depend on computers or the internet.  Now in this connected world most firms cannot function without them.  Or your location never used to flood, now it is a real threat.  Your insurance coverage must reflect these realities.

Ask questions about your insurance coverage, make sure that if you assume you’re covered that you really are covered.  Read your policy particularly what is covered and what is excluded.

Even if your coverage needs haven't changed, prices might. It's good to check other insurance companies and see what they're offering -- perhaps you're paying too much for certain coverages. And if you are an L Squared client, we can do the shopping for you, but first if your needs have changed be sure to keep us informed.


Lee Norcross 
Contact Me Today
Lee Norcross, MBA, CPCU

Managing Director, CEO

(616) 940-1101 Ext. 7080 
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