Businesses rarely stand still. New employees join, turnover grows, services develop and the way people work changes. These are all signs of progress, but they can also mean the insurance arranged a year or two ago no longer reflects the business today.
Consider how much can change between renewals. A business may move premises, take on more staff, invest in new equipment or technology, begin working with larger clients or expand the services it provides. Hybrid and remote working can also change where equipment is kept and how information is accessed.
Individually, these changes can seem routine. Together, they can significantly alter the risks a business faces.
When should insurance be reviewed?
Renewal is an obvious opportunity, but it should not be the only one. Significant changes during the year are worth discussing with your broker when they happen.
That might include:
- a notable change in turnover
- taking on employees or increasing headcount
- moving, extending or refurbishing premises
- introducing new products or services
- purchasing significant equipment
- changing working practices
- taking on contracts with different responsibilities
- greater reliance on technology or digital systems
The relevant changes will differ from one business to another. The important point is that the information on which your insurance is based remains current.
Insurance should keep pace with the business
A growing business may need different limits, additional types of cover or simply an update to the information already held by its insurer.
Regular conversations with your broker can help identify those changes before they become an issue.
CIB works with businesses across Guernsey and Jersey to understand their individual requirements and arrange commercial insurance accordingly. If your business has changed since your insurance was arranged, it may be worth checking whether your cover has changed with it.