2024 Insurance Health Check: Securing Your Future with the Right Insurance
With the first quarter of 2024 almost over, it’s a great time to take a moment to reflect on your business’ achievements, review your strategies and goals for the rest of the year. While strategies concerning product development, marketing, and customer satisfaction often top the list, there’s one area that should never be overlooked – insurance. Ensuring your business has proper coverage is essential to risk management and financial protection.
Taking some time to complete an insurance health check will help fortify your business with robust insurance strategies.
- Re-evaluate Your Business Risks and Insurance Coverage: Spend some time taking stock of your business plans, any changes to risks or assets and the insurance cover in place. All businesses change, so they may have specific circumstances or needs. A risk and insurance review will help you ensure that any gaps in the developed cover are reviewed, and action taken if needed.
- Stay Updated with Industry Standards: Each industry has its unique risks. For instance, an IT company’s concerns might revolve around data breaches, while a construction business might focus on design or worker safety. Ensure that your policy reflects the requirements of your client, as well as the risks related to your industry.
- Consider Business Interruption Insurance: The past few years have shown us the importance of being prepared for unexpected halts. This type of insurance can cover loss of income resulting from disasters or other unforeseen interruptions.
- Revisit Liability Insurance: In today’s litigious society, liability insurance is crucial. Businesses must be ready to handle such scenarios, whether it’s a customer who slips in your store or a product defect that causes harm.
- Embrace Cybersecurity Insurance: With the rise of digital threats, cybersecurity insurance is no longer optional for many businesses. It’s an essential layer of protection against the increasing threats of hacks, data breaches, and other cyber-related risks.
- Reassess the amount of Property cover, Valuations are key: Inflation is key. When was the last time the current or replacement values of your business assets, especially buildings, plant & machinery, were reviewed? Replacement values have increased 20% – 30% over the past 2 years. Ensure that your coverage matches the current value of your assets, considering appreciation or depreciation.
- Prioritise Employee Coverage: A business is only as strong as its team. Reconsider health benefits, workers’ compensation, and other policies directly impacting your staff. Happy, well-covered employees make for a resilient business.
- Consult an Insurance Specialist: Make it a resolution to meet regularly with an insurance adviser or broker. They can offer valuable insights into emerging risks, industry trends, and the latest insurance products.
Get in touch with the allinsure team to find out how a review of your risks and insurance cover can help support your business.
