Businesses are constantly changing and growing, so if your business is enjoying a growth spurt, congratulations!

But a changing business climate often means new insurance requirements, to help reduce your risks of being over or underinsured.

Here’s what you need to know about your insurance cover to ensure your business has adequate ongoing protection.

When to review your policy

Check your cover is fit-for-purpose when your business goes through a growth spurt, or a significant decline; changes location or brings on board new technology, equipment or innovations.

Review your policy at least annually, even if there haven’t been significant changes. Get in touch with us at least four-to-six weeks before your renewal, as we may be able to find you better terms and conditions.

What does a review include?

We’ll review your cover and discussing how any risks could be minimised. We will do this by evaluating staffing numbers and wages, considering that some staff are still working remotely; changes in the number of contractors used; your register of assets including equipment and machinery; inventory of stock; cybersecurity technology implemented; your business’ turnover and insurable profit and its liability and professional indemnity.

We find it’s time-efficient for you if we send questionnaires to complete as well as meeting face-to-face. You might need to source property surveys, and we’ll need to discuss your risk profile with the insurers’ underwriters.

Document your risk profile & management processes

To make the review more seamless, consider documenting any changes to your business throughout the past 12 months as they happen. It will become a handy checklist.

As well, ensure you identify and address the key risks that operators in your industry commonly face, as well as the risk profile for your unique business. This evidence will hold you in good stead because insurers will be very particular about which risks they underwrite.

Of course, improving how you manage your business risks leads to fewer claims. That means you’ll have less downtime, and your business can spend more time in full production.

Collaborate with us

It pays to have an insurance adviser by your side with deep insights and knowledge of your industry. By letting us know of past and planned changes, we can help identify any key business risks, ensure that you are meeting your obligations to insurers under the policy and customise cover to suit your business needs.

If you would like to know more about having the right cover to match your business growth, please CLICK HERE or contact us for more information.