With a new year upon us and a new financial year approaching many businesses take this time to reflect on their past year or two and review what has worked well, what they want to achieve and projections for the forthcoming year. Does this sound like you?

Made a change to your business?

A simple change to your business could have a big impact on your insurance policy. 

Insurance is based on the principle of a ‘fair presentation’ and the Insurance Act 2015 quotes that you should disclose every material circumstance which is known or ought to be known by the policyholder’s senior management, or those responsible for arranging insurance, following a reasonable search.

With this in mind, change to your business model, how you trade, or what you do, sell or offer could impact your insurers view on offering cover or offering it at the premium you currently have.  This works both ways and premiums could also be reduced.

Notify your Broker

Some examples of changes that you should notify your insurer straight away of are:

  • Change in products that you sell, manufacture or design
  • Change to the types of staff you have such as using sub-contractors when previously all staff were directly employed
  • Offering new services or removing services
  • Changing your suppliers – this is more if you change from UK to other countries
  • Purchasing new or additional equipment
  • Offering takeaways or deliveries when previously these were not available
  • Shipping items to new countries
  • Change to the type of alarm or security you have
  • Change to the occupancy of your property – are you closed more due to working from home?
  • Outsourcing processes
  • Selling items under a new brand name

This is to name but a few.

Should you be unsure then speak with your broker and they can advise you whether your insurer needs to be made aware of any changes. A broker is not just there for you once a year at renewal, we are here to support you through the year, and this is just one example of how we can guide you as your business grows and develops.