Consider these key questions:
- Have you bought or sold any assets or equipment recently?
- Have your operations changed or expanded?
- Are you offering new products or services to your customers?
- Are employees working remotely now?
- Have you moved locations or leased new space?
- Has your workforce increased or decreased?
Running a business means constantly adapting to changes, and your insurance should adapt too. Regularly speaking to your insurance adviser and reviewing your coverage helps ensure that your business remains protected against changing risks, giving you peace of mind and maximising the value of your insurance investment. Here are some key areas to think about which may impact your existing coverage:
Your business is evolving and your risk profile has shifted
- Growth or Downsizing: Your insurance needs will change as your business does. Expanding to new locations, increasing inventory, or hiring more employees can completely change your risk profile. Downsizing can also mean you no longer need certain coverages.
- New Offerings or Business Activities: If you’ve added new products or services, your existing policies may not fully protect against new liabilities, sometimes even pushing your risk profile beyond what your current insurer is comfortable with covering. Ensure your coverage matches what your business is offering to your customers before a loss occurs.
Asset and operational changes
- New Purchases: Recently acquired equipment, vehicles, or properties should be added to your policy as you acquire them to ensure they are covered.
- Retired or Decommissioned Assets: Avoid paying for coverage you no longer need by removing sold or decommissioned assets.
Timing is critical
Keeping your insurance up to date is not just good practice – it’s essential for protecting your business from unexpected financial losses.
The earlier you begin reviewing your policies, the more time you have to work with your insurance adviser to find the right coverage. Getting in touch with your adviser before you implement changes to your operations can help them determine what amendments, if any, need to be made to your existing insurance program.
Rushing through a review can result in significant financial losses due to overlooked gaps, inadequate protection or higher premiums due to the lack of time available to negotiate with insurers.
Your Insurance Adviser is your Business Partner
Remember, your insurance adviser is your advocate. Working closely with them and keeping in regular contact as things change enables them to understand the intricacies of your business so they can find the coverage best suited to your needs.
Get in touch with your adviser to find out more.
General Advice Warning: This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to be a constitute personal advice. We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.
