10 Sep The importance of an Insurance Policy Review
If you’ve had the same insurance policies in place for a long time, there’s a good chance that your circumstances are not the same as when the policy was first taken out. With the impact covid may have had on your business, now more than ever is the right time for an insurance policy review.
As part of our Carollo Horton, client-centered service approach, we manage the the day-to-day aspects of your insurance programme. This includes holding regular review meetings to help make sure you continue to have the right level of protection and recommending changes where necessary to account for either new or emerging risks to your business such as Cyber insurance.
It’s good practice to not only have an insurance policy review each year, but also when there are changes in your regular circumstances.
Did you know that 62% of SMEs are unlikely to have the right insurance in place to protect their business. (QBE SMEs and Insurance Report – completed for QBE Insurance during April 2019)
When should you have your policy reviewed by Carollo Horton?
There are many situations that should trigger a review of your insurance policies, including changes in the following:
• Stock Levels – you should ensure your policy covers the current value of your stock on hand. We can adjust your policy to reflect this value.
• Staffing – if you have either increased or reduced the size of your team, this may affect the types and levels of cover you need.
• Equipment & other business assets – your current policy may not cover new business assets you have purchased recently. If you have sold assets, you may be able to decrease your sum insured to reduce your premium.
• New risks to your business – has the way you operate your business created any new risks to consider? For example, increased cyber risks from working in different environments.
• Increased or reduced turnover can impact your business interruption policy.
• New products or services you have launched.
• Changes to sales channels, distributors or trade partners.
• Any newly created entities may have affect your operations or have interests in assets.
• Any changes to directorship or ownership structures.
The benefits of an insurance policy review
Just like reviewing your credit cards and home loans on a regular basis, insurance reviews can also lead to a better result for your business.
Save time – researching different policies and comparing policy wordings can be time consuming and tedious. With Steadfast’s innovative tools, we can quickly compare and assess different insurance products – taking the hard work out of finding the right cover.
Expertise – we can take the time to understand your business and provide options that suit you. Save money – we help ensure you have the correct levels and types of insurance in place so that you are paying the right premium. If your circumstances have changed, we can also recommend ways to help ensure your cover is cost effective.
Reviewing your funding options – you may wish to pay your premium for the year upfront, or in flexible monthly or quarterly instalments to assist with your cashflow. We can assist in sourcing premium funding options to suit your business.
By reviewing your current situation, we can help ensure you have the right types of cover required and the correct
sums insured so you have peace of mind that you are adequately protected.
Policy review process
A typical insurance policy review will involve:
1. Setting up the meeting – we will set a meeting at a time and place convenient to you.
2. During the meeting – we can discuss any changes in your business and listen to any feedback you may have.
3. After the meeting – if there are any changes to your business, we can create an action plan and recommend
adjustments to your policies to help ensure you are appropriately covered. We can then update your policies as required
and provide you with certificates of currency to confirm your cover.
Contact us to book in a review of your insurances and let us build an insurance programme for your business.