Is your business running the same today as it was when you first started out? Chances are it isn’t. Small business owners are almost always agile and quick to embrace changes that are necessary to succeed, which is why it’s essential to make sure your business insurance is keeping up with your company’s activities. If it’s not and your insurance coverage doesn’t reflect how your business is growing, there’s a good chance you’re leaving yourself and your company at risk.
But when exactly should you take action when it comes to your coverage? The professional insurance brokers at Petley-Hare Limited are here to help help you find the best commercial insurance coverage and price, we want you to be confident that your policy mirrors your business’s needs.
Changes in your business are to be expected, here are a few that should lead to a chat with your broker:
- A change in your company’s revenue
- Your business moves to a new location
- Your business adds additional locations
- An increase or decrease in the number of staff
- The business workspace, shop, store or office is renovated
- Business is conducted online and/or investing in new security measures (cyber or workplace safety)
- Adding new, upgraded or additional equipment
- Purchasing a vehicle for business use (or adding to your fleet)
- A change in the value of inventory or supplies
- Entering into new agreements with vendors, clients and/or manufacturers
- Introducing new products or services, or expanding into new markets or industries
- Ownership and structure changes
As a small business owner, you’ve got a lot on the go and when your company goes through changes, your commercial insurance needs to change with it. Always make sure you keep your insurance provider in the loop!
For competitive market rates, comprehensive coverage and customized solutions for all your risk protection requirements, it’s important you speak to an expert insurance broker. At Petley-Hare, our brokers work with you to create tailor-made solutions to ensure you have the right coverage in place for maximum protection.