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At this time of year, as one year ends and another begins, many businesses take time to review the insurance policies that protect their interests. Businesses are seldom static and it’s useful to reflect on what changes may have taken place in the last 12 months, and to ensure your insurance coverage is still adequate.

Assess your insurance portfolio

The first step is to list all your policies so you are able to review them. Depending on your type of trade you will have different policies, and these may include liability coverage to protect you, your staff and your clients if an accident should occur. Commercial property policies are needed to protect physical assets such as the building, it’s contents and inventory. Commercial vehicle coverage relating to damages and accidents is needed if your business uses company vehicles. Business income coverage will help to cover costs if your business has to close temporarily. You may also need specialised insurance policies relating to cyber liability, crime insurance or equipment breakdown, depending on your industry.

Once you have gathered all your policies together, you can check they are still offering you the coverage you need, at the best price.

Compile a checklist

Review your existing insurance policies taking account of your business activities and its current operations. Your business is dynamic so change is inevitable, so tailoring your insurance policy to match gives you the opportunity to make savings if you shop around.

Have there been any general changes, for example a change of name or structure (sole trader to limited company). Have there been changes in personnel, both in terms of additional staff or new members at partner level. Consider physical changes such as a change of location or additional premises? Has your offering changed or expanded?

Negotiate the best coverage

If you realise that your operations have changed in a way that changes your risk profile, your insurer will reduce your premium based on the lower risk exposure. You’ll also save money if you can eliminate repetitive or excess coverage. The best way to secure the best coverage at the best price is to use an insurance broker.

Rather than it costing more than dealing directly with an insurance company, a good insurance broker can save you money on your insurance renewal because they understand the market and the intricacies of the different policies available. Here at Britton Insurance, we are your partners, and have your best interests in mind. We compare all leading business insurance policies to help find the best coverage available to us at competitive prices, and we don’t just do this for new customers but we extensively shop the market every year at your renewal. Get in touch to see how we can help you.