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The Sandy Spring Way

New Year, New Insurance Needs

December 3rd, 2014 | By Sandy Spring Bank

By Tim Keogh, Vice President, Sandy Spring Insurance

Insurance NeedsAs we prepare for a new year, many of us reflect on what we have accomplished and learned, and the improvements we hope to make in the coming year. While it probably isn’t top of mind, it is also a timely opportunity to take stock of what you are doing to protect your family, employees, or assets. Whether you have personal or business insurance coverage, your insurance needs may evolve from one calendar year to the next. Be careful not to fall into the mindset that “nothing has changed,” because as we know, life can change in an instant.

Identify Your Life Changes

Many of us reminisce of memories from the previous year, both good and bad, and how these events have impacted our lives now. As a business owner, you may have expanded your business operations or procured new property or equipment. Perhaps there was a personal acquisition, such as a new vehicle, boat, or home. Or, perhaps there is an illness that you or a loved one is now living with that requires additional coverage. While it sounds improbable, we sometimes assume our insurance is like a “magnet” and automatically attaches the coverage we need. Similar to the organization of tax documents, get into the habit of documenting the changes to your life throughout the year so they are easily accessible for your next insurance review.

Document Your Gifts

The holiday season is a popular time of year to give and receive gifts of value, but it is easy to forget to get the necessary coverage. Without proper insurance, the loss of these special gifts can be devastating. Just as you should identify major life changes, you should also document large gifts, both personal and business related, so they are top of mind.

Schedule a Yearly Review

From doctor check-ups and car tune-ups, to getting our taxes done or taking a vacation, there are certain things we do like clockwork during a specific time each year. Think about an insurance review in the same way, and plan to meet with your insurance professional the same time each year to review the personal or business policies you have in place. By establishing this routine, it will become a habit and the necessary changes to your policies will not slip through the cracks.

For more information on Sandy Spring Insurance and how we can help you create a comprehensive insurance program, please visit https://www.sandyspringbank.com/insurance/.

 

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