Insurance shouldn’t be a ‘Once a year job’

We know, and understand, why many of our clients think of insurance as something that just has to be sorted out once a year, at renewal. But actually, it’s worth thinking about how your business changes through the year, and how making a habit of reviewing your insurance more regularly might be worthwhile – and could even save you money!

When changes occur in your business, it’s important to make sure you update your Broker to ensure you continue to benefit from the right cover at the right price.

Here is a little list of things that businesses often undertake from time to time, and that you really ought to discuss with your insurance broker.

  • Buying and/or building new premises, moving or extending existing premises. Architects may not be fully conversant with the security measures required under the terms of your insurance policy. A quick call to your broker can mean you save yourself from costly additions after the work has been completed.
  • Winning new contracts could affect your insurance liability by introducing new risks. It might also be worth reviewing the contract itself – does it contain any requirements for specific insurance to be in place?
  • Entering new markets and launching new products could have a fundamental impact on your insurance arrangements. Do you have new exposures or liabilities that you didn’t have before?
  • Trading over the internet. There are a significant number of things to think about here. No matter whether you’re simply using PayPal to take some payments, e-retailing through your own website, or selling via eBay or Amazon, there is a range of potential considerations that need to be made.
  • Police withdrawing support for monitoring alarm calls could invalidate your insurance cover.
  • Taking on major new suppliers and customers could impose extra liabilities. Outside of any contractual obligations for specific types and levels of insurance cover, you may also need to think about a range of liability covers.
  • Storing items on behalf of suppliers and or customers. Holding valuable stock or items for clients or customers may mean a liability – what would happen if they were to be damaged or stolen while in your care?
  • The purchase of new plant and equipment could mean sums insured are insufficient. Underinsurance is a common reason why insurers don’t pay out. And its easy to replace an old item of equipment or plant without thinking about its replacement value.
  • Employing new staff.

This list is by no means exhaustive. If you are unsure whether or not you are insured on the right basis, or would like to update us on new developments in your business, please contact Steve Neudegg or Simon Lawrence on 0118 979 2121