Blog

Business Insurance – Something Every Business Needs!

checklist

Read on for our Useful Tips and 7 Point Business Insurance Checklist! 

Are you one of the Small Businesses, facing the key challenges of balancing your budget and cashflow in our current economic climate? 

Are the competing costs of running a Business, including labour and rising energy prices, along with cost-of-living pressures impacting consumer spending habits, leaving you financially strained. Have rising costs have become a significant concern. 

If you have answered yes, keep reading.

For many Busineses, in this environment profits are being squeezed as inflation rises affecting fixed expenses costs such as rent and utilities along with the increased cost of goods and services. Everything is more expensive, including the cost of Insurance premiums. 

And when looking for cost savings, reducing insurance coverage can be tempting. But consider carefully as the financial risk can be greater if a Business is not insured or adequately insured against unforeseen events.  Imagine floods, fire, or theft damaging, disrupting or destroying your Business. The financial consequences can be consequential! How would you recover?

Insurance is the protection every Business needs. Build the premium into your budget.

7 Point Business Insurance Checklist: 

  1. Review all your Insurance policies and check policy inclusions and exclusions.
  1. Has anything changed? Have you bought new equipment or vehicles, expanded your premises, signed a new lease, disposed of any assets or hired subcontractors?
  1. Are your Business valuations and inventory up to date and reflecting current costs?
  1. Do you have Business interruption cover? Critical if you couldn’t trade due to unforeseen events.
  1. Assess risk to your Business, for example, Cyber risk, and the impact of privacy laws. 
  1. Speak with your Insurance Company or Broker to make sure your Business is fully protected.
  1. Build Insurance premiums into your Budget

5 Useful Tips:  Be aware:  

  1. Different types of Businesses require different policies to protect company assets and to protect against legal liabilities. 
  1. Some Insurances are compulsory. 
  1. Working from home, ensure you have the necessary insurance cover. 
  1. It is critical to understand and have the 'right' insurance for your Business. 
  1. Check you are getting the necessary cover when rating policy products and prices.