Professional changes, such as a company merger or going public with an IPO, can also warrant a review of your business’s insurance coverage. Moving to a new office space, purchasing a warehouse, expanding your business’s operations into another state, and even adding or subtracting employees should all be considered when assessing whether or not your current policies are appropriate for your goals.
An annual insurance renewal is a great time to review your policy because it gives you the opportunity to ask questions about any gaps in coverage or if there are ways you can save money. It is also a good opportunity to look at the broader economy and make sure that your policy’s dwelling and personal property coverage limits are still adequate.
A review of your policy can be beneficial even if nothing significant has changed for you or your family. For instance, recent increases in construction costs may mean that your homeowners insurance policy limit is no longer enough to rebuild your home if it were destroyed. Additionally, a review of your policy might reveal that you have eligibility for a discount or that you have been overpaying for coverage in the past and could save by switching providers.
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Review Your Driving Record
If you have a blemished driving record, focusing on improving your performance behind the wheel can help to boost your coverage. Clean up your record by avoiding traffic violations, paying your fines and following the instructions in the ticket to dispute the charge. Once you’ve made amends, keep the insurance company informed. A clean record can lead to lower rates and provide peace of mind.
Traffic violations, including speeding tickets and other moving violations, can tarnish your driving record and increase car insurance premiums. In addition, a serious violation may even cause you to lose your driver’s license. Understanding how long a violation stays on your record and mitigating the impact of any offenses can prevent future issues and protect your financial well-being.
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Depending on the severity of a violation, you can have your record expunged (sealed) once you’ve fulfilled certain requirements, such as taking a defensive driving course, allowing a specified amount of time to pass without committing another traffic-related offense and/or paying any outstanding fines. Check with your state’s DMV to learn about specific expungement requirements and eligibility.
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