What risks accompany moving to a new business premises?

There are many times in a business lifecycle that incur additional risks and that require a dedicated strategy to address.

One of the most important times when this might happen is when businesses move into a new premises, either because they have outgrown their existing location or are branching out further.

While these risks certainly pose a challenge, they can also be offset if businesses have a plan in place to ensure these issues won't derail their growth. For companies that are moving to a new premises, here are three different issues that might need to be addressed.

1) How secure is the new property?

Before agreeing to lease new premises, it's important to consider how safe the property is. Think about what the surrounding area is like and whether there are any areas where individuals could possibly gain access to the property.

You will also need to look at what security is already in place, if there are any security cameras or locks installed and whether you have dedicated theft insurance in place.

2) What additional costs will your business incur?

Alongside considering the new risks that come with a new property, it's important to look at any further operational costs that will accompany this change. For example, will your vehicles be travelling further to reach the new premises compared to your current location? And what legal costs will accompany securing this move?

Factoring these expenses into your plan can help to ensure your business understands the costs involved and isn't put under financial strain as part of this move.

3) Will your insurance cover the new property?

Moving to a new property is one of the times when business owners will need to reconsider the level of cover they have taken out. As well as the aforementioned theft insurance, further policies such as business property insurance will also need to be updated.

It's important to start thinking about insurance well before a move and ensuring any changes are completed before occupying the premises. Without this level of cover, businesses can be left in a difficult financial position if an issue does arise.