Last Updated on July 5, 2022 by azamqasim
When you own and operate your own business, there are many things that need to be taken care of at the same time, and sometimes everything will want your attention at the same time. There’s banking, marketing campaigns, and keeping your customers satisfied, just to name a few things of the things that are bound to keep you busy. While some things can easily slip through the cracks, taking the time to review and ensure that your business insurance policies are still providing the appropriate coverage for your company is one that should not be overlooked if you want to ensure that your company is protected in the event of a disaster.
Fortunately, taking care of your insurance doesn’t have to be a time-consuming, headache-inducing undertaking. We’ve put up an easy-to-follow guide to assist you in breaking down the process. This guide will also highlight the main considerations you should keep in mind to ensure you’re still protected with the appropriate type of insurance for your business.
Table of Contents
Have your business activities changed since you last secured insurance?
Things can change in the blink of an eye as your company expands and develops. Perhaps you have added a home delivery service, begun selling new products, or broadened the scope of your existing services and products to include new offerings.
In order to determine whether your existing insurance covers you for the new types of commercial operations that your company may now be engaged in, you need to review it. Check to see if the types of tasks on which you are now engaged are still covered by your existing insurance plans. Check with your insurer to see if you need to make any changes to the sort of classification/occupation type that your company is listed under on your insurance policy.
Getting back to the basics
Check that the fundamental information contained on your company insurance policy is up to date and accurate. This may seem like an obvious step, but it is important. If you make a mistake with anything as simple as your business name or contact information, this could result in delays if you ever need to file a claim with the insurance company.
Do you have adequate insurance coverage in place?
It’s easy to forget about your business insurance policy when running a business; after all, you have so many balls to juggle. On a regular basis, you should take the time to sit down and analyse the amount of coverage you have in place, as well as your limitations, to ensure that they are still adequate for the purposes of your company.
Consider the following:
- Ensure that the sum indicated on your Contents insurance* policy is sufficient to cover any new business contents, stock, or equipment that you have purchased recently.
- Any changes or additions to your commercial property should be noted on your Building insurance* policy to ensure that they are properly protected.
- As a result of the increased number of employees, you may need to reevaluate your insurance policy limitations, such as your public liability insurance, to ensure that you have adequate protection.
Make sure you have adequate insurance.
The time may have come to explore various types of business insurance options if your company has evolved and now offers different products and services than when you first purchased your policy. You don’t need to insure every aspect of your business under the sun; instead, focus on the essentials that your company cannot function well without.
A wide range of different types of company insurance coverages is available, ranging from Professional Indemnity to General Liability and everything in between. Prepare by taking the time to consider the types of hazards that your company may be exposed to and the types of insurance coverage that may be available to give protection when you need it most.
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A business insurance broker can help you to ensure your business insurance policies are up to date.
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