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Your 7 Point Business Insurance Checklist

Our 7 Point Business Insurance Checklist: 

Checklist1.Review all your Insurance policies and check policy inclusions and exclusions.  

2.Has anything changed? Have you bought new equipment or vehicles, expanded your premises, signed a new lease, disposed of any assets or hired subcontractors? 

3.Are your Business valuations and inventory up to date and reflecting current costs? 

4.Conduct a risk analysis. Identify and assess dangers to your Business. For example, as technology grows so does risk to these devices, Electronic, Digital equipment, Cybercrime and the impact of privacy laws. 

5.Do you have Business interruption cover? Critical if you couldn’t trade due to unforeseen events. 

6.Speak with your Insurance Company, Provider or Broker to make sure your Business is fully protected.  

7.Build Insurance premiums into your Budget.  

5 Useful Tips:

  1. Clearly define your Business type and activities as this will influence the types and level of insurance cover you need. E.g. different policies to protect company assets and to protect against legal liabilities.   
  1. Some Insurances are compulsory. For example, Workers Compensation for most Businesses. 
  1. Working from home, or remote arrangements, ensure you have the necessary insurance cover for both employees and the Business.  
  1. It is critical to understand and have the 'right' insurance cover for your Business needs. Review regularly. 
  1. Check you are getting the ‘required’ coverage when rating different Providers policies, products and prices.  Cheaper may not be the best option.