When it comes to insurance, most of us take a set and forget attitude until renewal time. This might be fine for your car or house, but it's not a good approach for your business.
As business owners, we get so busy running the business that we don’t have time to think about things like keeping insurance details up to date.
However, it’s very important to provide accurate, up to date details of your business to your insurer.
Your business insurance is based on a range of factors relating to your business, including:
- Business activities
- Revenue / turnover
- Number of staff
- Use of subcontractors / labour hire
- Location of your premises
- Work locations
- Equipment and machinery
- Contents and stock
If any of these details change, it’s important to let your broker know.
When You Should Update Your Details
Don’t wait until renewal time to update your policy, because that leaves you inadequately covered.
For example, if you start holding twice as much stock halfway through the year, you won’t be covered for it unless you let the insurer know. Or, if you start undertaking additional business activities, like a new venture, these won’t be covered.
If your income is less than expected, updating your policy could get you some money back. Who doesn’t like reducing business insurance costs!
Why Updating Your Details Is important
In some cases, the change to your business won’t affect your insurance costs, but it’s still worth updating your details.
The worst case scenario is if you need to make a large claim for something that your insurer didn’t know about, your claim could be denied.
In this situation, it won’t be good enough to make excuses like ‘I didn’t know I had to tell you’. Your duty of disclosure means that you need to let your broker know about anything that affects your business risks as soon as possible.
The whole purpose of paying for insurance is to make sure we’re protected if we need to make a claim, so don’t jeopardise that by failing to provide the right information. All it takes is a quick call or email to your broker to have peace of mind for your business.
Looking for insurance for your business? Talk to the experts at Regional Insurance Brokers for a quote today.