How to tell if it’s time to update your insurance

A growing business must regularly update its insurance policy.
Posted on March 28, 2017 in Business

The new year is all about refreshing, refocusing and embracing changes for the better. This goes not only for you, but for your business as well. If growth is one of your objectives for 2017, or your company has experienced significant development recently, it's essential that you ensure it remains protected. So how can you tell if it's time for a business insurance reboot? Here are some of the circumstances where you should consider updating your policy to continue safeguarding your business from risks, both old and new:

Moving building, recruiting new employees and expanding your service offerings all require you to revisit your insurance cover.

1. You have moved premises

When you relocate to a new premises, particularly if you're going from leasing a commercial building to owning one, it's likely that you will face new risks. A bigger building may require you to increase the amount you're insured for, and owning your own property means you'll be responsible for parts of the property that your landlord took care of previously. In addition, if you're upgrading to a larger premises you will probably have new machinery, furniture and equipment to think about as well. 

2. You acquired a new company vehicle

Perhaps you're buying a company vehicle for the first time, or your transport needs have led to you expanding your fleet. Whatever the circumstances, online resource Business.com points out that updating your motor vehicle insurance should be the first thing you do. 

3. You hired new employees

Another indicator that you should take a look at your insurance is if you take on additional staff. While employees are vital for a company to grow, they can also lead to more risk, a greater chance that mistakes will be made, and a higher probability of accidents occurring on the job.

Expanding your vehicle fleet is one case where you'll need to update your insurance.Expanding your vehicle fleet is one case where you'll need to update your insurance.

4. You introduced a new service

Finally, Business.com explains that expanding your service menu may make you vulnerable to risks you haven't faced before. For instance, if you're a tradesperson that has started travelling to customers' homes to do work, you will need different cover than if you were not mobile.

Regardless of whether your business is headed for a major change, there are a range of factors that can impact your insurance policy. Consequently, it's always a good idea to periodically check your insurance and confirm that you're getting complete cover, and the best deal. Failing to so could mean you're at risk of business interruption, and a nasty surprise if you ever need to make a claim.

If it's time for your business to have an insurance checkup, get in touch with MGA Insurance Brokers and we'll help you obtain the cover you really need.