January is often a time to reflect on what has happened in our lives over the previous year and plan for new endeavours in the one to come. We often forget how much can change in a year until we take some time to reflect and analyze the one which has just passed. Personally, in 2015 I was very blessed to have welcomed two new grandchildren into our growing family while our business experienced some exciting changes with new staff joining our National Truck League team.
Whether changes are planned or unexpected we often first consider the financial, tax, and investment implications of our circumstances and decisions. Unfortunately, we often forget it is also very important to review our insurance policies to ensure they are still protecting our lifestyle and assets and serving our changing needs. As a rule of thumb insurance policies should be reviewed on an annual basis to ensure proper protection and financial health.
Professional changes to consider:
- Are there any changes to your travel for work (out of province or out of country)?
- Have you purchased new equipment or hired new staff?
- Are there any changes to the type of business you are doing?
- Have you acquired new property?
Personal Changes to consider:
- Are there new children or grandchildren in the family?
- Have grown children moved out or returned home?
- Has there been a marital status change?
- Have there been any significant income changes for yourself or your spouse?
- Is your mortgage paid off?
- Have you made any large purchases (new home, car or property)?
- Are your children going to college?
- Are you taking care of any ill family members?
- Do you need to change any beneficiary designations?
- Are there economic implications which could affect your policy or standard of living? Note: It is important to consider exchange rates for those travelling out of the country.
Life changes quickly and keeping your insurance broker up to date can alleviate many potential heartaches and frustrations. Your broker can help ensure you understand your current insurance plan and assist in identifying potential gaps in coverage based on your current situation and future plans.
As Owner/Operators, Drivers and Carriers today have more responsibilities and demands on their time, it is more important than ever to have proper, dependable insurance coverage. When purchasing any insurance it is important to work with a reputable broker. For over 25 years National Truck League has been providing industry leading coverage and peace of mind to truckers across Canada. We are always pleased to review available coverage options with our clients based on their changing needs to help them ensure they have adequate protection for themselves, their family and their business.