Manufacturers Insurance

Every business is evolving, especially in this current market. It’s important to remember that as your business adapts to the market, so should your insurance policies.
Seemingly simple errors such as a lapse in an insurance policy can even lead to the quick demise of large, well established corporations (read our article on the collapse of 10-year-old Greensill Capital). On a smaller scale, you may also discover that you are paying too much for your policies and that there may be ways to realign your insurance costs.
As we’re in tax and insurance renewal season, now could be the perfect time to consult your business insurance broker (like us!) to discuss a policy review.
There are many situations that should trigger a review of your insurance policies, including changes in the following:
It may also be worth asking a broker if there are ways to reduce your premiums, or to simply have a risk review to discover if you are adequately covered.
A typical policy review will involve:
As you would set aside time to review other aspects of your business such as accounting, resource management or marketing, so you should take time out to review your insurance. Although not always the most exciting part of your business strategy, it can be absolutely crucial to the survival and growth of your company.
This article originally appeared on Crucial Insurance Website and has been published here with permission.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Tony Venning.
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