Does your Business need an Insurance health check?
Rarely do businesses stay static. There is constant change in the environment and the needs of your business also change. Expansion or contraction in operations, your clients’ needs may change which may create new situations for your business that are not currently covered by your insurance program. What was in place six months ago may no longer be adequate for your current situation.
As your risk adviser, we encourage you to review the adequacy of your covers at a minimum at least once a year and ideally at mid-year. We can help you through the process and point out any gaps in cover and make suggestions to ensure you are adequately covered for your specific business needs. It costs nothing to ask your Risk Adviser to complete a “health check” of your program at anytime of the year. We are more than happy to do this now for you.
Just as some conditions change and create gaps that need to be covered, other changes occur that cause business insurance coverage to be too excessive. We have seen this more often in recent months because of COVID19. As businesses have reduced in turnover, ceased using assets or have temporarily closed, it is easy for a business to continue paying for coverage that is not needed. We can assist by completing a complete review and ensuring that you are not paying for covers that you no longer need and that premiums are reflective of the reduced turnover levels.
Following a thorough review, some key areas we have been able to assist many clients with are.
- Liability cover – If your business has changed its activities, ensuring the liability cover extends to pick up new activities you are undertaking so there are no gaps in cover.
- Turnovers – Adjusting your turnover levels so you are not overpaying for cover.
- Layup cover – Placing assets e.g. vehicles in “lay up cover” if they are not being used as they were previously.
- Payments Options – We can work with you to discuss various payment options
- Stock cover – increasing or reducing covers on stock levels midterm following changes in activities
- Unoccupancy – Ensuring your policy extends to cover unoccupied buildings as not all insurers automatically provide this cover.
- Workcover –Since the size of companies can often change quickly and dramatically, it is important to review your Workcover policy. We can help you with questions such as – Is my business activity classified correctly, am I paying more than I need to, have my wages reduced?
Insurance can be complex and confusing. That is why we are here to make it easy, guide you through the review and ensure your business is adequately protected so you can get on with what you do best.
Regular reviews are paramount. With access to over 100 insurers we can provide you with comparable options, ensure you are not overpaying, that your cover is specific and adequate for your business.
- If it’s been more than six months since your last review or your business activities have changed since the last review, let us know and we will make contact and conduct a health check.
- Our Risk Advisors will conduct a thorough review immediately and ensure cover is adequate and relevant to your needs.
- We can make midterm adjustments to your insurance program where required, you don’t need to wait until the renewal date.
This article originally appeared on Adroit Insurance & Risk Blog and has been published here with permission.