The new year is upon us and with the numerous changes that have occurred in the last 12 months, it is important that you reassess your Business Insurance.
Reviewing your business insurance is essential to making sure that your policy still provides you with adequate cover.
If things have changed for you, your current policy might not cut it anymore.
Here are some things to ask yourself to know whether you should update your business insurance policy:
Did Your Operations Change?
Some types of insurance premiums are based on the type of work that you do.
If your operations have altered, it is best to check whether or not this would affect what you need from your insurance policy. The correct policy will ensure you are not over or under insured, and thereby adequately covered for your specific business operations.
Do You Have New Premises Or Equipment?
If you sold, bought, extended or upgraded any sort of building or equipment that relates to your business you will want to let your insurer know.
Should anything happen to your new building, an extension or contents, you run the risk of not being covered for it if you have not amended your policy to reflect any changes. This could mean that you are not covered and will need to pay for any fallout out of your pocket… something every business owner wants to avoid.
Did Your Payroll And Sales Change?
Some policy premiums are based on your turnover, as well as the number of staff that you employ.
If your turnover, profits and staff levels have gone up or down since your last policy review, you should revisit things with your insurer to ensure your policy and thereby the premium you pay, reflects the reality of your business now.
Given the ongoing effect that coronavirus is having on the economy, it is probable that all businesses will feel the impact of these changes in one way or another... don’t overlook the opportunity to correctly cover yourself sooner rather than later.
If this is the case for you, make sure to discuss this with your insurance broker.
Avoid A ‘Set And Forget’ Attitude To Insurance
If you are renewing your insurance year after year without conducting a proper review and needs analysis, you risk not being correctly covered, leaving yourself over or under insured.
That is why it is important to review your business insurance regularly.
At Regional Insurance Brokers, we understand that business owners have a lot on their plate and may not have the time to do this year after year.
It’s our job to look after your business insurance so you can look after your business.