Do I Need to Renew My Current Insurance Policy or Policies
Having an insurance policy that works for your business is essential when it comes to making sure your interests are protected. The better your policies, the more you can rest assured that, should something happen, your business is in a healthy position to weather it.
Whether you’re a small, medium or large business, you’ll likely have several key policies, some of which are required by law, others that just make financial sense for your business. These might include:
– Professional indemnity insurance
– Product liability insurance
– Employers’ liability insurance
– Buildings and contents cover
– Vehicle or fleet insurance
– Business travel insurance
Insurance is a key pillar of any organisation. Similar to HR, finances or health and safety policy. And, like these things, an insurance policy isn’t something that, once set up, you can just leave indefinitely. As your business changes, so will the potential risks you might face. Your insurance policy should grow and change with your business, which is why revisiting your policies is an essential consideration for any business owner.
Check Your Documentation
Your insurance policy documents should contain information about when it is time to renew your policy. Some insurance policies are set to renew automatically. However, if you have opted out of auto-renewal, you’ll need to make sure you give plenty of time to review your policy before it comes to an end. You don’t want to be left without cover for any amount of time, no matter how small.
That being said, you don’t have to wait until it’s time to renew your policy to think about whether it’s working for you or not.
Renewing Your Insurance Policy
When renewing your policy, it’s an excellent time to consider whether your existing cover still meets your business needs.
Perhaps your business has changed a lot since you took out your policy. Your insurance cover might not reflect those changes. For example:
If Your Company Has Grown In Value…
The level of cover you have needs to correspond to your company’s value. If your company is worth more now than when your policy began, should something happen, the amount you could receive might not match up to where your business is now.
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If You Have Moved Or Changed Your Work Space…
Perhaps you have taken steps to upgrade your offices, or moved to a new location. Your old building and contents cover might not provide the right cover so that, if you needed to rebuild or replace anything, you might end up paying out of your own pocket.
If You Have Introduced New Products…
Does your existing product liability cover account for any new product lines you might have added since taking out your policy? Especially if the products are significantly different (whether in value or nature) from your current lines, ensuring they are covered is key.
If You Have New Contracts With Different Suppliers Or Clients…
Some contracts will require a certain level of cover or type of insurance that your current policy doesn’t have. It’s important to make sure that you’re meeting all your contractual obligations, and that includes insurance.
Do You Need To Update Your Existing Policy Or Take Out A Different One?
It might be that you’re happy with your existing policy and you just need to update it to reflect any developments in your business. You might also find that your current policy offers cover that isn’t relevant to you, in which case, amending it to remove this cover could reduce your premiums.
The insurance industry is competitive, so you might find that, by shopping around, you can get the coverage that you need.
The most important thing is to make sure any insurance policy you take out is tailored to you and your business needs. That way, the quality of cover will be better and you won’t find yourself paying for things you don’t need.
A reliable insurance broker can work with you to help determine whether your existing policy is doing everything you need it to, as well as offering advice on how to find the best cover for your business. If you’d like advice and support on your insurance renewal, speak to Dover Street Insurance Brokers on 0208 057 4130 and a member of our expert team will be happy to help you.