5 reasons to review your business insurance

When was the last time you reviewed your business insurance? Last month? A year ago? Longer?

 

Now is as good as any to review your policy, a lot can change in just a year.

It is important to review your business insurance regularly, you could be paying too much or not enough for coverage that is no longer adequate to your business’ requirements. Outlined below are five important things to consider when reviewing business insurance.

Has your business grown?

The larger your business, the more risks. As your business grows, so do the number of employees, clients and/or stock. If you aren’t updating your insurance as it grows, you are likely to be at higher risk for a claim, and potentially underinsured.   

Have you updated your equipment or other assets?

Have you purchased a new vehicle? Machinery maybe? Or new technology and systems? If you have, your policy may not protect these new assets. Similarly, you will also need to update your policy if you have disposed of any assets. This will ensure that the sums and values insured are adequate and cover what you have at a given time.

Have you changed your location?

Different locations come with different risks. It is important to update your location, advise the type of building the business is in, the level of security you have and if you have increased or decreased your business square footage. This information is vital for your business insurance coverage as all these aspects affect your premium.

Have your staff numbers changed?

If there is a significant change in the number of staff you employ, this may affect your policy. Similarly, if your management team changes, it is ideal to review your insurance and update it accordingly. For example, you may have Key Person Cover across management, and if a key person leaves, you need to update this accordingly.

Have your business operations changed?

Over time as your business develops, operations are likely to develop also. Whether it be an upgrade of systems, handling client data in a different system or allowing staff to work remotely. These changes make your business more susceptible to cyber-attacks. So, are you covered for these potential attacks?

Check you have adequate insurance, speak with an Insurance House professional broker today. Brokers can talk you through the insurance review process. If they see any gaps or changes that are needed, they will assist with a comprehensive business insurance solution that suits your businesses.

For a conversation worth having contact us today

Speak to a professional and have your business insurance reviewed. Call us on 1300 305 834 or enquire via our website contact form.

Cover is subject to the policy terms, conditions, and exclusions.

This information is general in nature. To read our general advice warning click here.

Latest news and articles