Practical Hints and Tips for Business Owners

Reviewing your commercial insurance regularly ensures that your cover keeps pace with your business as it grows and adapts. In today’s environment, where risks are shifting and costs are rising, that peace of mind is more important than ever.

Reviewing your commercial insurance isn’t just a box-ticking exercise – it’s a vital part of protecting your business and planning for the future, ensuring that your cover keeps pace with your business as it grows and adapts.

Here are some practical hints and tips to consider when reviewing your cover:

Check your sums insured

One of the most common problems we have seen over the past few years is ‘underinsurance’. Inflation has pushed up the cost of materials, labour and replacement equipment. If your sums insured haven’t been updated recently, your policy might not pay out the full value in the event of a claim. A professional valuation can help make sure your figures are accurate.

Liability cover

Whether you’re employing staff, working with customers or providing professional services, liability claims can be costly. Ensure your employer’s liability, public liability and professional indemnity cover are all still adequate for the scale and scope of your operations.

Review business interruption cover

Could your business continue to trade if a fire, flood or cyber attack forced you to shut down for weeks or even months?

Think about emerging risks

The risks businesses face are evolving. Cyber crime, supply chain disruption and environmental liabilities are now mainstream threats. Reviewing your insurances with this in mind can highlight gaps in protection you may not have considered when you first took out cover.

Vehicles and Equipment

Company cars, vans and specialist machinery are essential to many businesses. Make sure your motor fleet or equipment policies are up to date with accurate values and drivers/operators correctly declared.

Additional covers

Legal Expenses and Directors & Officers insurance are commonly overlooked but can be invaluable when the unexpected happens.

 

Is It time to review your commercial insurance? If you would like to speak with one of our commercial account handlers please do not hesitate to get in touch.