Owning and running your own business means there’s many things going on and often everything will all require at attention at once. There’s the banking, marketing projects and keeping your customers happy just to name a few. While some things can easily slide under the radar, taking the time to review and ensure your business insurance policies are still the right cover for your business is one that cannot be ignored.
Thankfully, housekeeping your insurance doesn’t have to be a mammoth, head-ache provoking task. We’ve put together an easy to follow guide to help break down the process, with the key things you need to keep in mind to check you’ve still got the appropriate kind of cover for your business in place.
1. Have your business activities changed?
As your business grows, things can change in the blink of an eye. Maybe you now offer a home delivery service, have started to sell new products, or expanded your range of services and products.
You will need to check that your existing policy covers you for the new types of business activities that your business may now be performing. Make sure that the types of activities that you are working on are still covered under your existing policies. You may need to look at changing the type of classification/occupation type your business is listed as on your policy, so check with your insurer.
2. Back to basics
It may seem simple enough, but check the basic details listed on your business insurance policy are up to date and correct. If there is a mistake with things like your business name or contact details for example this could potentially cause delays in the event that you needed to lodge a claim.
3. Do you have enough coverage in place?
Like a lot of things when running a business, you tend to set and forget when it comes to your business insurance policy. This is where you need to sit down and review the amount of coverage you have in place, assess your limits and check that they are still appropriate for your business’ needs.
Things to consider:
- If you’ve purchased new business contents, stock, equipment make sure the amount you have listed on your Contents insurance* policy is enough to cover these
- If you have made any renovations, extensions to your business property make sure these are also updated on your Building insurance* policy
- If you have hired more staff, you may also need to reassess your policy limits like your Public Liability insurance to ensure there is sufficient cover
4. Review your coverage
If your business has grown and offers different products and services then when you originally took out your policy, it may be time to review other kinds of business insurance options. You don’t need to take out every type of business insurance under the sun but look at the key things that your business couldn’t function without.
There are plenty of different types of business insurance coverages available from Professional Indemnity to Business Insurance and everything in between. Not all of these will be appropriate for your type of business. Take the time to look at the types of risks your business may be exposed to, and what kind of insurance coverage could provide protection when you need it most.
Refresh and revive your business insurance with BizCover today. No paperwork, no-dramas, just business insurance made easy.