HAPPY NEW YEAR 2017!!
PJO Insurance Brokerage would like to wish all of you a “Happy New Year” and may 2017 bring you much success in your business endeavors. Now I am sure no matter which side of the aisle you are on, you are glad the election process is over, it was a long one. Whether your choice for President won or lost, we as professional businesspeople understand that business doesn’t stand still for anyone and we will adjust our plans accordingly so we can put ourselves in the best position to succeed in the coming year.
In addition, we hope 2016 was a good year for your business and if there were any hiccups, they were minor ones and you gained more valuable experience going forward. With the New Year coming up, if you are like many of us, you are putting the finishing touches on your company’s plans for the coming year which will include what sales will look like for the coming year, hopefully they are up and your expenses which you hope will come in a lower percentage than 2016. When going over your company’s expenses, one of the line items in your budget will be your Phoenix business insurance costs. Whether it’s a client or a prospect, we suggest you as least one a year fully review all your insurance coverages, making sure that you have the proper coverage for your company, as well as a fair price and receiving the level of customer service you expect from an agency.
If your company is one that has no losses on their record, does everything possible to safeguard that perfect record, you are a risk that many business insurance in Arizona carriers would like to have, so ask you agent to inquire if there are other carriers that would like to quote your account, as long as you receive at least the same, if not better coverage than you currently have. Your next step would be to review all of your policies. When looking at your Arizona General Liability policies, make sure you have the limits that will benefit your company should a claim happen. If you produce or distribute products, did you add or subtract any of those this past year? It would be in your best interest to go over your policy with your agent to ensure you have the proper coverage going forward. If your company has property and inland marine policies, check to see if the coverage matches what you need.
Did your company over the past year increase or decrease such items as inventory, office equipment, machinery, tools, and real property? The last thing you want to happen is for a major loss to occur and then find out your insurance coverage will leave you thousands short in replacement costs, therefore forcing your company to either shell out additional monies to start again or in a worst case scenario, closing your business for good. If you own your building, make sure the value is up to date, over the past few years, real estate prices have been rising and you need to make sure the building is properly insured. Another area to review are your auto insurance costs, which over the past two years have been on the rise nationwide. Go over in detail the coverage of the vehicles you currently insure, are all the autos you own scheduled? Ask if there any discounts that may be available to you.
Also, with auto insurance, consult with your agent and ask him or her if they are any other companies available to write your autos at a better price, with the same or better coverage. Next up on your review list would be your Workmen’s Compensation insurance. To many owners, this can be one of their biggest expenses. Look over all the class codes that your company is charged for, are you being charged for a class code that you shouldn’t be? Another idea, is that with higher cost class codes, especially if you don’t perform that work on a regular basis, it may make more sense to use a licensed and insured subcontractor for those tasks. This is very true of the construction or service industry.
Many times using subcontractors will save your company money in the long run, and please be sure to obtain evidence of insurance from all of your subs to keep your costs down. These are just a few of the insurance coverages that Arizona companies use to protect themselves, so regardless of what policies your company has, it just makes smart financial sense to review all of your policies at least once a year.
In the coming year, if PJO Insurance Brokerage can be of any service to you, reviewing your current insurance program, or helping you secure additional coverages that will fit your particular business, we welcome that opportunity. In closing, we would like to wish you and your company a Happy New Year with all the success possible for you and your company in the coming year. Contact us today to learn more!
Patrick O’Neill -- Owner