The new financial year is fast approaching, bringing a number of considerations for businesses. While certainly a busy period, companies should take time to carry out a proper insurance review.

Taking out a policy before damages occur is the best option for businesses.

Insurance premiums are falling across the country in a number of lines, meaning now is the perfect time to assess insurance needs. Businesses should consider both taking on new products, and reviewing existing policies to identify what has changed within their business.

This information came as part of a release from InsuranceNews, a firm detailing the latest releases across a number of sectors – including business insurance.

“Plenty of capacity and competition among insurers are keeping rates down as the new financial year approaches,” the release stated.

“Brokers across the country report falling premiums in some lines but not others and say insurers are most likely to drop rates to win new business.”

Now is a good time for businesses to be reviewing covers and to be taking advantage of any deals on offer. After initial setup, If the need ever arises to amend the covers its simply a matter of a conversation with your broker

Because now is the perfect time to consider insurance, businesses should contact the team at MGA Insurance Brokers, a firm dedicated to providing an extremely high level of service. We’re able to help you take out a policy that covers your specific industry, ranging anywhere from commercial fishing to farming to heavy vehicles.

Failing to set up a comprehensive insurance programme could spell disaster after a flood, fire or other insured peril. As with anything, being prepared is the best option for businesses.