Tracking the Cost For Technology Insurance
Tracking the cost for your technology insurance program can be a much grander project than meets the eye.
Below are two key areas that you need to consider when figuring out your final tally for your projected cost of insurance for the year.
Insurance premiums by line of business.
Many small business owners combine their personal insurance with their commercial insurance programs and piecemeal together a patchwork of coverages for their small business.
Thus if you have your commercial business autos for your tech company insured on your personal auto insurance policy the cost for that coverage should be included in your overall cost of insurance for your business.
You might have the medical insurance for your family on a personal plan or on a business plan.
You may or may not be providing coverage for your tech subcontractors and/or employees.
It is prudent to make sure that you thoroughly and adequately review and account for all insurance premiums that you are paying whether written on a commercial and/or personal basis.
You also might be reimbursing some of your subcontractors for their coverages and that cost should also be factored into your overall cost of doing business for risk management.
Human resource and/or risk management services.
These services can either be provided internally or outsourced depending on your personal strategy.
Any and all costs for these internal or external services should also be included in the tracking of your cost for technology insurance.
As we have quickly seen it is a more complete picture of your cost of doing business by reviewing the total cost of your insurance premiums by line of business and any and all human resource risk management services that you are paying for.
Below are two key areas that you need to consider when figuring out your final tally for your projected cost of insurance for the year.
Insurance premiums by line of business.
Many small business owners combine their personal insurance with their commercial insurance programs and piecemeal together a patchwork of coverages for their small business.
Thus if you have your commercial business autos for your tech company insured on your personal auto insurance policy the cost for that coverage should be included in your overall cost of insurance for your business.
You might have the medical insurance for your family on a personal plan or on a business plan.
You may or may not be providing coverage for your tech subcontractors and/or employees.
It is prudent to make sure that you thoroughly and adequately review and account for all insurance premiums that you are paying whether written on a commercial and/or personal basis.
You also might be reimbursing some of your subcontractors for their coverages and that cost should also be factored into your overall cost of doing business for risk management.
Human resource and/or risk management services.
These services can either be provided internally or outsourced depending on your personal strategy.
Any and all costs for these internal or external services should also be included in the tracking of your cost for technology insurance.
As we have quickly seen it is a more complete picture of your cost of doing business by reviewing the total cost of your insurance premiums by line of business and any and all human resource risk management services that you are paying for.