When you have spent a lot of valuable time ensuring that you have the right insurance policies in place to protect your business assets, most people tend to ‘set and forget’. So when the policies come up for renewal, you forget to review them, simply assuming that nothing has changed.
Regular reviews should be made to ensure your insurance policies continue to cover your business and employees, whether your business circumstances have changed or not. In the event of a claim, your buisness might not have the relevant cover, resulting in significant losses. Not forgetting that if you fail to meet any contractual obligations of your insurer (because you didn’t inform them of specific changes to your situation) your policy can be void.
If your policies are coming up for renewal, or even if they aren’t ready to be renewed, but you haven’t reviewed them previously, here are a few tips to make the review run smoothly.
What does your policy actually cover?
The first step in reviewing your insurance policies is to make sure that they actually cover the items you need insured. By the same token, you don’t want to pay for cover you don’t need, so make sure that everything you need covered is included in your policies and make a note of anything that no longer needs to be included.
Another tip is to check the list of exclusions on each policy make sure that there is nothing that needs to be added or removed. If any of your policies have payout limits then make sure that these still seem reasonable and if not, make a note to question these limits.
Also, consider if you need to include new purchases in your cover and whether your plans for the coming year will make a difference to your insurance cover. Lastly, if you have undertaken any renovations in the past year (such as office or store fit outs), you might need to include these in your policy or at least inform your insurer of these changes.
Updating your insurer
If your circumstances change or you make major purchases, you need to inform your insurer. You might be surprised at the type of changes that can affect your insurance policies, and no-one wants their policy void simply because they forgot to tell their insurer of something small.
If you haven’t reviewed your insurance policies lately, why not do it now and give us a call to make sure that you have the right type of cover for your needs? Talk to our insurance specialist today.