Running a business is all about growth and development, and after getting your insurance in place as a start up, it’s easy to put it on the back burner. But so often your company develops beyond the scope of the initial coverage, so it’s worth checking that your insurance coverage is still in alignment with your needs before you renew. If you don’t, and you need to make a claim, you could run the risk of leaving your business underinsured and vulnerable. It’s also possible that changes to your business mean you are now overpaying for your insurance, for coverage elements you no longer need. We’ve broken the process down into four sections, so here are the questions to ask yourself when reviewing your insurance.
Have your ACTIVITIES changed?
It’s likely that you’ve added new services or products since you started out. Some types of insurance might not cover all products and services, so it’s worth checking. For example, if you have moved online or offer home services, you might need extra coverage. If you’ve hired specialist employees to perform new tasks, you might need to look at increasing your coverage and liability. Long gone are the days when client data was physically kept on the premises, so if you store client information digitally or in the cloud, you could be vulnerable to theft or hacking. Check your insurance covers these types of losses and any resulting compensation claims that might arise.
Do you have more ASSETS?
You’ll need to invest in technology to help in the running of your business, so if you’ve upgraded in the office – be it furniture or electricals such as telephones and computer systems – make sure they are listed on your policy. Similarly, if you have a warehouse and have brought in new high-value items, be sure to keep an eye on your inventory.
Has your INCOME increased?
Updated services, new employees and revised contracts can increase income. If your revenue has increased, so has your potential liability, plus more employees could impact your worker’s compensation insurance needs. Also, an increase in revenue can be due to selling overseas, often thanks to online sales. Remember to check the insurance implications if you have started selling outside of your previous regions.
Is your INFRASTRUCTURE situation the same?
If your business has grown, it’s likely you have expanded or renovated your premises. The size and type of building you’re in could affect the type and amount of insurance you need. Similarly, moving to a larger facility could mean a change in location, and the new neighbourhood may affect your premiums. As your business grows, you may have to invest in new vehicles, so ensure your commercial fleet coverage is sufficient. If you have updated your security systems, your insurer will want to know.
There is no substitute for talking to the experts when it comes to examining your insurance needs. Britton Insurance offers competitively priced business insurance, suitable to your business. From shops and offices to manufacturing, surgery, pubs and tradesmen, regardless of the business, it’s our business to find you the best competitive business insurance quote available to us.
You’ve invested your time and money to build your business. Undoubtedly, you want to make sure it’s safeguarded. At Britton Insurance, we’ve partnered with the leading business insurance companies in Ireland to get you the right cover for your business. Simply fill out our online quotation form to get your business insurance quote in no time.