As a business owner, you know better than anyone how frequently your business would be growing, changing and evolving. Whether you’re hiring new staff, your revenue is growing or you’re offering new services and products, no two days are ever the same. With this in mind, it’s important to regularly review your business insurance cover to make sure it’s keeping up with your ever-changing needs.
Have you let your business cover fall to the wayside recently? Chances are you’re not the only one out there. If you’re not sure when the ideal time to check your insurance is, we’re here to help you find the best time to examine your business policy.
When to revisit your business insurance
When you run a business, you often wear multiple hats and shoulder the responsibility for numerous tasks and operations within your venture. With so much happening around the clock, many owners struggle to find the time for business admin, like reviewing your insurance policies. But rather than your cover just being a set and forget type situation, regularly reviewing your insurance, could help to save you time and effort down the track.
So, when’s the perfect time to peruse your policy? Here are eight instances you might come across as a business owner where it’s worth reviewing your insurance to make sure you’ve got the right cover:
- Renewal time: when the renewal date for your insurance policy rolls around, before you renew you should take it as a sign to read over your business insurance. Check over your PDS and insurance documents to make sure your policy is still serving your business, meeting your needs and providing adequate cover.
- Expanding business offerings: there’s nothing better than witnessing your hard work pay off as your business grows, but this can also be a great time to check your cover. Whether you’re offering new services or expanding existing product lines, it’s important to make sure your business insurance covers these new business offerings, particularly in the event that new physical stock is stolen or damaged.
- Changes to business revenue: while it’s not uncommon for businesses to go through regular peaks and troughs when it comes to revenue, if your business has been experiencing sustained growth it’s well worth checking that your business insurance policy covers this new and welcomed expansion.
- Changes in staffing numbers: have you recently taken on more staff? Or perhaps you’re currently in the process of downsizing and your staff numbers have dropped as a result of these changes. Whether you’re hiring or firing, changes in staffing often calls for a review of your insurance to make sure you’ve got appropriate and adequate cover.
- Relocating or opening new locations: if you have a dedicated workspace or building, it’s important to make sure that your business insurance covers enough to rebuild the premises and / or replace the contents. Whether you’re relocating or opening new locations, take the time to reassess and update your business insurance to make sure you’ve got the right cover for the new location.
- Gaining new clients and / or vendors: establishing contracts with new clients and/or new vendors is often a fantastic sign of your business expanding, but there are times where you might be contractually obligated to carry a certain type or level of insurance cover. Be sure to review the clauses of your new contracts in detail and check that your insurance meets the requirements of the agreement.
- Purchasing new equipment: from new work vehicles to upgrading equipment or even a change in the value of existing inventory and supplies, it's important to make sure that your business equipment is accounted for accurately in your policy. When things change, be sure to review and update your cover as necessary.
- You can get a better deal elsewhere: when it comes to business insurance cover, it’s important to do your research to find the policy that’s best suited to you and your business. Could you be saving cash by insuring with another provider? Although reviewing your policy may seem like hard work, it’s worth it if you can save a few dollars.
Don’t get caught out without the right business insurance cover. When your business changes, and chances are it will more than once over the course of it’s life, it’s essential to make sure that your business insurance cover is updated to suit your new needs. At Youi, we offer a range of different insurance products that may meet the needs of your business. From Small Business Insurance to car insurance and building and contents offerings, explore our options online or start a quote today.
The information provided in this article contains general advice only. It has been prepared without taking into account any person’s particular objectives, financial situations or needs. Products issued by Youi Pty Ltd. Consider our small business, car and building and contents insurance product disclosure statements and target market determinations at www.youi.com.au when deciding whether our products are appropriate for you.
