Whether your business is back in full gear after the festive season or not, now is the time to review your insurance to ensure it’s up to date. Delaying a review means your company risks being underinsured, which could have dire financial consequences. An annual review is a valuable habit to form.  

Below is a comprehensive checklist that you can use as a guide:

New equipment

Does your detailed inventory or tax depreciation schedule include every piece of equipment in your business?  Has machinery become redundant, or have you hired machinery? Plant and equipment insurance can give you peace of mind when machinery breakdown arises, particularly if parts are held up in the current supply chain delays.

Moving/changing office

When moving and changing offices remember to update us with details about the new premises and if you’ve taken control of the new premises before you move out of your current one, remember that you’ll need to insure both sites and take out transit insurance for the move. For rented premises, check your lease agreement to see if the owner has transferred insurance responsibilities to you.

Staff fluctuations

Maybe your company has experienced a growth spurt, you’ve taken on extra staff or even changed its structure, leading to a wider range of risks. Therefore, you made need insurance that covers areas such as: business interruptions, cybersecurity, public and employee liability and professional indemnity.

Evolving services

So as your business evolves, protect your sustainability with the right insurances be they legally compulsory or because of the people you deal with in your day-to-day operations. Find out more about the cover your business might need from this business.gov.au website.

Change in revenue

If you’ve recently increased stock, expanded your services, or product range, you will need to track your revenue for any changes as they may prompt a policy review of your insurance. Otherwise, you risk interrupting your cover if the insured amount is lower than your actual turnover.

If you would like to know more about reviewing your insurance cover so you can get on with a successful 2022 in your business, please CLICK HERE to read more, or feel free to contact us.