With the 2021/22 financial year done and dusted, now’s the time to get shipshape for the next 12 months. As well as your finances, though, have you made time in your schedule to review your insurance cover?
Review your business for changes
There are typical business changes that would trigger amending your insurance policies, such as: new staff or contracts, equipment or building upgrades, revenue growth or reduction and legislative changes
But every business’ circumstances are unique, so think deeply about how you do business differently. Calculating your growth, staff, wages, and revenue accurately helps you assess if it’s enough and prepared for projected changes.
New business assets
Over the past financial year, did you buy, upgraded, or sell buildings or equipment for your business. Have you told us? If we’re not privy to those changes, you could risk a shortfall in your insurance cover.
Changes to employees/staffing
Are you employing more or less staff than last financial year. Check any sub-contractors have their own insurance to cover injuries or damages for which they are responsible.
Are your stock levels the same?
Doing an inventory at the end of each financial year helps you gauge your stock levels. But they may not give you insights into how stock levels fluctuate over the year. For instance, they may rise in the run-up to Christmas. Be sure to check your policy specifies cover for your stock that aligns with your peak times.
Your next step for your insurance review
We recommend checking your insurance cover at least annually and when your circumstances, risk exposures, and mitigation strategies change. So now’s a good time to let us help you save money and have peace of mind your business is appropriately covered.
If you would like to know more about undertaking a full insurance program review, please CLICK HERE or contact us for more information.