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How often should I review my business insurance plan?

31 August 2015

Obtaining the right business insurance is a critical step in managing risk and ensuring your company is protected should unexpected incidents occur. However, once you've settled on the appropriate plan and policy, it's important not to just renew your cover indefinitely. Instead, you should know when and why to review your business insurance with a local agent.

Why review your business cover?

Just like with any other business investment, you want to make sure you're getting both the best value for your money and meeting the needs of your organisation. As your enterprise grows and evolves, it's possible that the cover you currently possess no longer provides comprehensive protection for your operation, leaving some risks unmanaged.

At the same time, even if your policy does suit your needs, you might be able to get a better deal by speaking with a local business insurance agent about your options.

When should you update your insurance?

There are a few moments when it's particularly helpful to have a conversation about your current cover and the options available to you. In all of these cases, you'll want to ensure your insurance agent has up-to-date information about your assets and business activities, while examining the details of your current plan yourself.

Consider re-evaluating your cover at moments such as:

  • When your plan is up for renewal.
  • After making significant business investments, such as purchasing expensive equipment or leasing a new building.
  • While adjusting your operations, perhaps bringing significantly more employees on board or engaging in higher-risk endeavours.
  • When growing or expanding your business, especially into another state.
  • After transitioning the structure of your entity, such as from a sole proprietor to a limited liability corporation.

Even if your business hasn't changed substantially, it's a good idea to review your cover on an annual basis. Doing so helps you ensure your plan takes into consideration relevant factors ranging from evolving property valuations to emerging climate-related risks. You might also decide to expand your protection with additional types of cover, such as commercial fleet plans and business interruption insurance.

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