Five reasons to review your business insurance

Blue banner with text: Insurance Explained: Five reasons to review your business insurance

 

When was the last time you reviewed your business insurance? Last month? Last year? If you've had the same policy for a while, there's a chance that it may have even been years since you last reviewed it.

Managing a business is a lot of work and involves time and dedication. Often, it can be easier to just renew your business insurance policy instead of reviewing it and looking at your options.

By not reviewing your insurance regularly, you are doing yourself a disservice. You could be paying too much money for a policy that doesn't meet your needs anymore, or on the other end of the spectrum, you may be underinsured or not adequately covered.

Here at Insurance House, your Relationship Manager will do the hard yards for you. They'll take the time to understand your needs, review your current policies and identify if they still meet your business' needs. And if need be, they'll search for a new policy that has more appropriate coverage.

If you answer "yes" to any of the below questions, then you should consider getting your insurance reviewed.

 

Has your business grown since you first started it?

A growing business means more risk. A higher demand for your goods usually equates to a greater amount of stock on hand and supplied, which means there's greater opportunity for theft or stock damage. Increased revenue can also affect your business interruption policy, as it may potentially change your pay out if you were to claim on this policy.

 

Have you updated your equipment or other assets?

If you have purchased a new vehicle, machinery or even new technology or systems and haven't updated your policy to reflect this, you'll need more coverage to protect these assets. Similarly, if you have disposed  of any equipment or systems, make sure your Relationship Manager knows. This is to ensure that your values and sums insured are adjusted so you are adequately insured and not paying for things your business no longer owns.

 

Have you added or changed location?

Different locations for your business come with different risks. Your insurer will want to know the new location, the type of building it is, if you've increased or decreased your business's square footage and what level of security it has, among other things.

 

Have your staff numbers changed?

Staff come and go frequently, but if there has been a significant change in the number of staff you employ, this can affect your policy. Similarly, if your senior management team changes, you may want to review certain parts of your insurance - if you have Key Person Cover and that person leaves, you'll need to replace them on the policy.

 

Have your business operations changed?

It's understandable the way you do business will change over a period of time; particularly as technological capabilities increase. Perhaps you've upgraded your systems, are handling client data in a different manner or have staff working from home or remotely due to COVID-19? These changes may make your business more susceptible to cyber attacks, and begs the question whether your business is covered for these attacks? If you're not sure if your current policy includes cyber insurance, speak to an Insurance House Relationship Manager today.

 

If you wish to have your business insurance reviewed by a professional, our Relationship Managers can take you through the insurance review process step by step. If they see any gaps or changes that are needed, they will come up with a comprehensive business insurance solution to suit your needs.

 

To speak to a Relationship Manager, call us on 1300 834 305 or email us at ih@ihgroup.com.au today.

 

Our advice is general in nature. To read the full General Advice Warning click here.

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