The start of a new year is the perfect time for businesses to set intentions and goals for the future, explore ways to refine and refresh processes and evaluate any policies or contracts you currently have in place. Your business insurance policies are a great place to start.
Setting practical and achievable resolutions based on your business’ needs will put you in good standing for the months to come and ensure your business is receiving the cover it needs. Today, we’re going to look at some business insurance resolutions you can set yourself this year and how IC Insurance Solutions can help make them a reality.
Businesses grow and change, and your insurance policies must adapt as you do. Unfortunately, it’s all too common for companies to neglect their current policies, and, before long, they expire or become unsuitable for the business due to changes within the company.
By not reviewing existing insurance policies, businesses leave themselves open to the risk of incomplete coverage. If circumstances within your business have changed over the last year, your current insurance policy may not cover these changes, and you could find yourselves without cover in the event of a claim.
You should be particularly attentive when it comes to reviewing your current business liability insurance policies if you’ve experienced any of the following changes since you last renewed your policy:
You should review your insurance policies if your business has had a change in premises. Perhaps you’ve moved to a larger building or have leased additional space. Taking on new physical space will come with its own set of risks that your insurer will want to assess, so, if you’ve had any changes in premises, you should review your policies immediately.
Many business insurance policies will require you to declare staffing levels. If you’ve had a large intake of new staff over the last year, you may want to review your current policy to ensure the information they hold on your business is still correct.
Your business’ revenue correlates with potential liability, so fluctuations in turnover should prompt a review of your insurance policies. Your coverage could be interrupted if you are currently insured for less than your actual turnover, so making your insurer aware of revenue changes is crucial.
If you’ve changed your business offering since taking out your current insurance policy, you should check to ensure your new products or services are covered. Some insurers may not cover for certain products, so it’s essential to keep your business protected by being honest and up-to-date about your offerings.
Even if you find you’re still operating within the boundaries of your agreement after reviewing your business operations and current insurance policy, it is worth exploring other available insurers. By shopping around, you may find a more cost-effective policy that offers the same cover as your current policy.
Money is not the only factor, though. It is also worth exploring alternative insurers if you are not satisfied with the level of customer service you’re receiving from your current insurer. Perhaps they are slow to respond, unsupportive and unhelpful. You should receive approval and payouts for claims in a reasonable time frame, and dealing with your insurer should be a positive and pain-free experience.
If this doesn’t ring true for you, speak to the expert insurance brokers in Bolton and find out more about how IC Insurance can help.
The new year is an excellent time to review your insurance package and research other policies that may come with additional features or cover that your existing policy doesn’t have. At IC Insurance, we understand that there isn’t a one-size-fits-all insurance policy and that every industry has its own unique requirements.
If your current package is not tailored to suit your sector, you may be missing out on cover. For example, if you own a hospitality business, you should look for restaurant and takeaway insurance packages that have been designed specifically for your industry. Our insurance packages for restaurants come with glass cover, which reimburses for damage to storefront windows.
In contrast, our contractor insurance packages don’t come with glass cover, as most contractors don’t have a physical storefront with glass that needs insuring. This is just one example of how we help you to find packages tailored to the individual requirements of each sector.
We have a wide range of policies available at IC Insurance, as well as years of experience providing niche policies for specific businesses at great prices. If you’ve reviewed your current insurance policies and decided it’s time to make a change, contact us today to find out more about how we can help you achieve your insurance resolutions this year.