Risky Business

New Year's Review of your Expenses

By Shelly Benisch, C.I.C. w/ Commercial Insurance Solutions (CIS)
Posted Jan 3rd 2011 4:57AM

Hi Everyone, and Happy New Year!

Like all New Year's, take this next few days to review your expenses from your prior year of work. Where did you make money, where did you lose it? Are you spending more money eating out instead of buying groceries and living more like you would if you were in a house every night? Could you pack your vehicle better with more nutritious snacks so you're not tempted to binge at night? Your health is your most important strength.

Now let's look at the health of your business. Are you paying more than you should be for your other business expenses like Expediting Insurance? When was the last time you reviewed your Liability and Physical Damage coverages? If you have a Stated Amount/ACV policy, make sure that you are using an accurate value for your unit. Remember that the insurance carrier will pay THE LESSER OF, your Stated Amount or the Actual Cash Value at the time of loss. So make sure you don't have the vehicle value inflated to more than it's actually WORTH on the open market...because that's what you'll be paid in a total loss.

I can tend to be overly optimistic, but all economic indicators point to a strong 2011...so let's plan to be ready to focus on moving forward to a profitable year!

Shelly Benisch, C.I.C. w/ Commercial Insurance Solutions, Inc. (CIS)