In order to always have adequate cover for your company you need to review your business insurance policy on a regular basis. As you know the needs of your business are constantly changing, you may be adding new vehicles, you may have sold some vehicles or moved to a bigger property.
This
type of policy offers a complete solution for your business covering every
aspect of your day to day activities from the building you work from, you are
kept covered against fire, theft and damage. Then there are your assets which
you keep inside the building, maybe expensive computer equipment or your
vehicles overnight.
Other
aspects you need to consider which can change is your liability cover, maybe
you are welcoming more customers through your doors and realise that the public
liability cover you have at the moment just isn't enough any more. You need
this level of cover to protect you should a customer injure themselves while
visiting your property. A public liability claim against you can leave you in
serious financial trouble if you don't have the right level of cover. In the
event you don't have enough public liability cover, you will have to pay in the
balance, sometimes this can amount to thousands.
If
you have business vehicles chances are these are constantly changing, you buy
new vehicles and sell the older ones, you need to constantly update your policy
to ensure that you are not paying for vehicles you no longer own and that the
vehicles you have on the road are all covered.
Saving
Money
You
should take the time to review your policy a few times a year, when reviewing
you can ensure that you have the right level of cover and make changes where
necessary. Remember that having adequate cover can save you a fortune in the
long run. Without adequate cover you will need to pay out of your own bank
balance, this can sometimes leave a company in serious financial difficulty.
Keep
a risk assessment close at hand and compare your policy to the assessment, go
through all the cover you have and ensure it is enough, that the vehicles you
have under your business name are all covered and that you are not paying for
cover you don't need.
Often
you will find that you are paying for cover that doesn't assist your business
in any way. Maybe you're paying for drivers, but don't have drivers or you may
be paying for equipment cover, but you don't have any equipment. This is why reviewing
your business insurance policy at regular intervals can save you money moving
forward.
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