New Year; are your insurances still fit for purpose in 2015?
Happy New Year.
As we all look forward to whatever 2015 may bring, one of the jobs that should be on every business owners to do list is to carry out a full review of their business insurances to ensure that they continue to provide the cover you and your business need in 2015.
As your business evolves your insurance requirements will change. Areas that you need to consider include:
- Are you adding new services to your offering? If so you must make sure that your business description is adequate to cover all of these activities otherwise when you need to rely on the insurances you could find yourself with a problem.
- Is your product range changing? Are you going to be sourcing products from different markets this year and are you planning on exporting for the first time or will you be exporting to new countries? If yes then make sure you tell your insurers.
- Are the wage and turnover estimates upon which your liability covers are rated adequate for the year?
- Have you reviewed your Business Interruption sums insured to take into account your revised Business Plan? Has this exercise included considering what maximum indemnity period is most suitable for your business in the future?
- Are your Stock holdings going to change? Are you going to be investing in new machinery, plant or vehicles?
- Have you considered new risks to your business that could be covered by additional covers such as Commercial Crime or Directors & Officers Liability Insurance
If you need any assistance in keeping this resolution for 2015 to help you to ensure that your business continues to have in place the protection it needs please do get in touch