Your business keeps evolving with time. Sometimes it just keeps growing and growing, sometimes it’s going through hard times, sometimes it’s hiring, sometimes it’s firing, sometimes it needs to acquire more stocks, sometimes you buy more machinery, sometimes you just get rid our outdated equipment. Now, if your business is always changing why should your business insurance policy remain the same?
This is especially true as the level of coverage, and the price of the premiums are based on the business specifics which were provided to the insurance agent when you first negotiated the business insurance policy you finally subscribed. Some of your new equipment might not be covered, some of your new employees may not be included in your employer’s liability insurance policy, so there are enormous risks if something happens and your business insurance policy is outdated.
So a simple answer to the question of knowing how often you need to review your business insurance policy is: as often as possible!
As many businesses fail to keep this in mind, fortunately, most insurance agents will require their customers to come and update their information at least once a year for the annual review. This does not prevent customers to review their insurance policies when significant events happen, such as:
- major purchases or alterations,
- major contracts signed,
- new supplier added,
- big recruitment campaigns,
- major improvements to the overall security of business operations.
- What is a business insurance?
- Who needs a business interruption insurance?
- Is business insurance mandatory in the UK?
- What is product liability insurance and who needs it?
- What is employer’s liability insurance?
- Do I need key person insurance for my company?
- What is workers’ compensation insurance?
- What is public liability insurance?
- As a business owner, should I consider taking a life insurance?
- What are the different types of business insurance?
- Should I take contents insurance for my business?