Business essentials – checking your insurance is still fit for purpose

Has your business changed since you last renewed your insurance? Perhaps you’ve bought some new equipment, taken on your first employee(s) or moved premises?

It can be tricky, in the whirlwind of day-to-day business life, to remember that some changes are things your insurers need to know about if your business is to have the cover it needs.

Use the simple checklist in this blog post as a starting point to identify changes you need to tell your insurers about.

The simple stuff… ✉ 🏦

⬜ Has your business name or address changed?

The nature of your business…👷‍♀️👩‍🍳👨‍🔧

⬜ Has your business changed direction? Or are you offering new services that might need a different kind of cover? Your insurers can let you know whether your current policy covers you for your new direction or services.

⬜ Has your business expanded significantly? If your policy has a maximum allowable turnover, have you exceeded that amount? Check your policy and get it upgraded if necessary.

Looking after your business tools… 🛠💻🎥

⬜ Have you bought some new equipment recently? Does your business contents insurance cover the new equipment? If in doubt, check!

📢❕ If you need to take any of your equipment out of your business premises – your laptop or video camera, for instance – make sure it’s covered by your insurance when it’s off your premises.

📢❕ If you run your business from your home, check your home contents insurance covers your business tools – whether they’re always in your home or you also take them out and about with you. If your home contents insurance doesn’t cover these things, check out separate business contents insurance or upgrade your home insurance to cover your tools.

Think about your customers when you’re out and about 👪👨‍👩‍👧‍👧

⬜ Have you started seeing clients on their premises? Or begun taking a stall at markets or a stand at exhibitions? The right public liability insurance will cover you for any accidents.

Look after your digital technology 📱💻

⬜ Are you working online more than you used to? It’s worth investigating how cyber insurance could help you in the event of a digital disaster.

Looking after your staff 🧍‍♀️🧍‍♂️🧍‍♀️

⬜ Have you employed a new full-time or part-time member of staff, an apprentice or a work experience person? The law says you must have employers’ liability insurance.

Using your car for business purposes 🚗

⬜ If you use your own car for business travel (even if it’s simply for going to events and meetings), check your car insurance covers your business trips too!

With thanks…

…to PolicyBee for prompting us to check our own business insurance!

Get more tips and insights into looking after your business…

Join The Financial Resilience Hub for:

Regular access to valuable information from an approachable accountant
Q&A sessions
Weekly finance and business tips
In-person and online workshops, and
Access to a growing resource of bite-sized online courses available 24/7.

Uncover the full membership benefits.

ABOUT THE AUTHOR

Helen Monaghan is a Chartered Management Accountant, accredited NLP Practitioner & Finance Coach. Both a psychology graduate and an accountancy graduate, she has authored three business books, which beautifully bring together psychology, finance, and tax to empower the reader about money. Helen is the CEO of HM Finance Coaching & Advisory Ltd, a company that provides financial education and business mindset coaching to small businesses across the UK, in addition to accountancy services for limited companies in Scotland and across the UK. Helen is also the founder of The Financial Resilience Hub – find out how we can support you, and your business, to be financially resilient through our monthly membership.