How and When to Check In On Your Insurance

As a lawyer, you’ll likely face various risks and challenges that may affect your personal and professional life, such as accidents, illnesses, injuries, deaths, lawsuits, and malpractice claims, to name a few. These unexpected events can have serious financial consequences for you and your loved ones in the form of medical bills, property damage, legal fees, funeral expenses, income loss, and reputation damage.

Clearly, you need insurance to protect yourself and your assets from these potential losses. Insurance can help you cover the costs and liabilities of these events and provide you with peace of mind. However, insurance is not a static or simple solution. You need to review and update your insurance coverage regularly to make sure it matches your current needs and goals.

An insurance check-in is a process of checking your current insurance policies and comparing them with your current needs and goals. It can help you identify any gaps or overlaps in your coverage, adjust your premiums and deductibles, update your beneficiaries and personal information, and take advantage of any discounts or changes in the market. It can also help you save money, avoid surprises, and enjoy peace of mind.

You should check in on your insurance coverage needs at least once a year, or whenever you experience a major change in your situation, such as getting married, divorced, having a child, buying a home, starting a business, or retiring. These life events can affect your risks, liabilities, assets, and income, and they may require you to adjust your insurance coverage accordingly. You should also do an insurance check-in when your policies are due for renewal, as this is a good opportunity to shop around and compare different options.

To do an insurance check-in, you can follow this simple checklist:

• Make a list of all your current insurance policies, such as life, health, disability, property, liability, etc., and their details, like the provider, policy number, coverage amount, premium, deductible, and expiration date.
• Review your personal and financial situation, including your age, health, family status, income, assets, liabilities, lifestyle, hobbies, occupation, and other related facts, and consider how they may affect your insurance needs and goals.
• Evaluate your risks and potential losses, such as the likelihood and impact of getting sick, injured, sued, or dying, and how much money you or your beneficiaries would need to cover the costs and maintain your standard of living.
• Compare your current coverage with your current needs and goals and identify any gaps or overlaps in your coverage. For example, you may need to increase your life insurance if you have a new child or decrease your property insurance if you have paid off your mortgage.
• Shop around and get quotes from multiple insurance companies, agents, or brokers, and compare the costs and benefits of different policies and providers. Look for any discounts, features, or services that may suit your situation and preferences.
• Negotiate the best price and terms for your policies and update your personal information and beneficiaries. Make sure you understand the exclusions, limitations, riders, and cancellation policies of each policy.
• Keep records of your policies and payments and report any claims or changes to your insurance company as soon as possible. Review your policies and providers periodically and make changes as needed.

Another important aspect of your insurance check-in is your professional liability insurance, which can shield you from claims of negligence, errors, omissions, or malpractice in your legal work. Periodically review and update your policy details, such as limits, deductibles, exclusions, and endorsements, and assess and reduce your exposure to risk by following best practices and procedures in your legal practice. Always be sure to adhere to the ethical standards and regulations that govern your profession and comply with any relevant laws.

Doing an insurance check-in is not a complicated or time-consuming task, but it can make a big difference to your financial security and well-being.

By performing an insurance check-in, you can find the best insurance policy for you and protect yourself and your loved ones from financial hardship.

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