Although it is best practice to review your insurance policy regularly and make changes whenever necessary, we do understand that the running of a business can sometimes take over, leaving minimal time to evaluate your insurance policy as efficiently as you would like.
As the year begins to come to a close, now would be an ideal time to plan for the New Year!
Review your insurance cover
A lot can change in a year, so take a look at your existing policy and analyse its suitability for 2017. Has your business expanded this year? Have you invested in valuable property? Discuss any changes with your insurance broker who will be able to amend your policy to suit your current situation. Your insurer should also notify you if you are under-insured or paying too much.
Plan for the unknown
Although you do not know for certain what the new year holds (good and bad), preparing for possible scenarios will give you peace of mind and help protect your business if an adverse situation occurs. Insurance covers such as Public Liability and Professional Indemnity are regarded as essential for businesses and should be included in your policy.
Preparation is key
Different types of events require different types of insurance. Whether your business is planning a one-off project or a series of fundraisers, it is important that you have the right insurance.
Whilst you may not know exact dates, it may be a good idea to put together an events calendar and contact your broker for general advice and a quote; this can help with your budgeting and also eliminate last-minute stress.
Take time out to understand your policy
Insurance is not the most exciting topic, but getting it wrong could be a costly mistake! If there is anything you are unsure about within your policy (including the small print), then make it a priority to contact your insurer and explain your concerns. Once you do, you will be better informed to understand the insurance needs of your business.
You can find out more information about the risks of under-insurance in our blog post.
If you would like to discuss your insurance, or would benefit from receiving a free, no obligation quote, then please contact a member of the team on 70-74 64 64 or email insuria@insuria.com.lb