Statement of Values, what all gets included in that? My goodness, everything that you own, that you insure on a property policy. It could be your building, it could be your furniture, fixtures, and equipment. It could be business income. It could be improvements and betterments if you rent a facility. It’s a lot of stuff, and you must know precisely how to classify all of these things. Because God forbid you to experience a claim, you got to make sure you have accurate records on file. This process isn’t about you getting charged more premium. This process is about you paying the premium and ensuring what needs to be insured.
Why Don’t Agents Talk About This?
Unfortunately, so many times, people who do what I do for a living get forced to come in and sell you a cheap policy because business owners are looking for premium, premium, premium savings. That’s not the way we should think. The total cost of risk is what you should be thinking about as a business owner, and insurance premiums only make up a small portion of that. One of the reasons we talk about that is that one of the things in total risk is retained losses. Retained losses can be actively retained, or they can be passive. If it’s active, it means you took a deductible or self-insured retention on your policy. If it’s passive, it just means you had a claim that did not get covered.
What Could Happen?
You don’t want to find out that a claim wasn’t covered when you have to shell out $80,000 that you weren’t expecting to have to pay. Take the time, look at all of the things you have, and then compare them to the statement of values template that we provide you right down below. All you have to do is click to request that. If you have questions about whether something should get included or not, you’re always welcome to reach out. My contact information is all over this site, and I’d love to be able to answer any questions you might have about what should get included in your statement of values.