Did you know that a change to your business can impact or even invalidate your business insurance?
As a new year begins, many businesses have had time to reflect on 2022 and look to make plans for the forthcoming year. 2022 was a turbulent year and trying time for many businesses with supply issues, cost of living, staffing issues and still navigating the road back to normality.
Considering your Business Insurance
This is something that when planning for growth, change or adaption is normally not considered by many business owners or something that is left until renewal discussions.
Some simple changes that may have an impact on your business insurance cover include:
- Changes to product lines
- Change in suppliers – they may be based in a different country
- Growth of customers – they may be in different countries also
- New purchases
- Change in services offered
- New contract requirements
- New processes if in manufacturing or construction
- Streamlining staffing and using sub-contractors or temps
- Moving premises or storage
If you are planning any of the above changes it is advised to speak with your insurance advisor prior to going ahead with the changes to ensure you are adequately covered and not leave it until renewal.
At renewal discussing your plans for the business for the forthcoming year is an important part of your renewal process as much as reviewing your sums insured and financials.