Adequately insuring your business for 2023

Insuring You Business - Team leaders checking paperworkIf your business faced some big changes during 2022, then you might only just be adjusting to your new circumstances. Building teams, getting to grips with a new piece of machinery or settling in after a re-location all takes time for a company to feel re-adjusted.

Whilst these are exciting times, they can also be a bit daunting, which can mean that other areas of the business become overlooked.  Considering this, it is important to ensure that you have the correct admin in place to support your transition.  One area of admin which is essential to these kinds of changes is reviewing how you are insuring your business.  Furthermore, whilst you may affirm that you have your business insurance policy in place, it is worth checking with your insurance broker that your company is adequately insured in response to your recent changes.

Finally, by not informing your broker of the changes, could void your policy or under-insure your company, which should an unforeseen event occur, would mean that you would not receive enough financial help to protect or re-build the business.

Insuring your business – What to check!

  1. Re-read the policy schedule, statement of facts and policy.
  2. Assess where there maybe loopholes and make note on any changes.
  3. Determine the value of equipment / stock and any other assets which may need reassessing.
  4. Make sure that all the premises and contact details are up to date.
  5. Check that your employer’s liability and public liability covers the business for the number of people using the premises.
  6. Contact your broker to discuss the matter of any changes further.
  7. Make a note of the renewal date on your 2023 calendar so that you can re-assess the policy by shopping around via other UK insurance brokers.

JRW Risk Solutions are here to support UK businesses with a variety of liability insurance policies to protect the day-to-day running’s of a company.  Helping those in construction, manufacturing, engineering, fleet and courier, and office environments, we offer a personal service to UK companies.  To find out more please get in touch or see our website for more details.

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