Buying Insurance isn’t something you can do once and forget about. It’s important to continuously review your business needs and the policies you have. The start of a new year is the ideal time to evaluate your business insurance policies to make sure everything is on track going into 2018.
You need to consider what kinds of things are likely to impact your business in 2018, and whether the current policies you have in place would adequately cover you.
Changes in Business Circumstances
Changes in your business circumstances will impact your insurance. It’s important to speak to your broker in the event of any significant business changes as they may affect your policy, your premium and any claims that you have. Consider your business activities over the last year, some of the things that may affect your insurance include: moving premises, renovating premises, acquiring or selling assets, installing security and changes in the number of employees. Furthermore, revenue changes can have a significant impact on your policy and should be discussed with your insurance advisor.
In the new year you are likely to be evaluating your business outgoings and expenses and managing your insurance costs is an important part of this. This is the perfect time to consider how you make your existing insurance payments and whether you may benefit from requesting higher excesses in return for lower premiums. There are generally monthly options available to pay your insurance premiums, rather than having to pay in a lump sum annually. (Note additional charges may be incurred for monthly options). Subject to your claims history, insurance policy excesses can also be adjusted to save money as taking a higher excess often results in lower premiums.
Some Questions to Ask Yourself
As a starting point, take a close look at the insurance cover that you have in place to ensure your policy actually matches what you need it to cover. The following questions can help:
- Do you have assets covered in your policy that don’t need to be covered?
- Do you have assets missing in your policy that you do need cover for?
- Does your policy cover your current revenue and value of your assets?
- Have you made any significant changes to your premises that will require more insurance cover? Or do you plan on making any of these changes?
- Are you happy with your current insurer?
Your broker will always endeavour to protect your business with the appropriate insurance cover. It’s important that you don’t just wait for your renewal coming in to get in touch, particularly if something changes in your business. Contact us any time for assistance with your insurance policy or risk management strategies.
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.