The public liability court cases your business should know
While public liability insurance isn’t compulsory for some business types and sectors, these actual cases may prompt you to consider this cover.
Businesses are constantly changing and growing, so if your business is enjoying a growth spurt, congratulations.
But a changing business climate often means new insurance requirements.
Here’s what you need to do about your insurance cover to ensure your business has adequate ongoing protection. This will help reduce your risks of being over or underinsured. Keep in mind that research shows business growth is particularly risky for SMEs.
Check your cover is fit-for-purpose when your business:
Review your policy at least annually, even if there haven’t been significant changes. A review also means we may be able to find better terms and conditions for you, as insurers’ offerings do wax and wane.
Consider getting in touch with us about your review at least four-to-six weeks before your renewal.
We’ll review your cover by evaluating your risks and discussing how they could be minimised in the following ways. We’ll check:
For example, perhaps fewer employees worked at your business premises during the COVID shutdowns. You might have adjusted your insurance cover accordingly. If they’re back on site now, your policy needs updating.
We find it’s time-efficient for you if we send questionnaires to complete as well as meeting face-to-face. You might need to source property surveys, and we’ll need to discuss your risk profile with the insurers’ underwriters.
To make the review more seamless, consider documenting any changes to your business throughout the past 12 months as they happen. It will become a handy checklist.
As well, ensure you identify and address the key risks that operators in your industry commonly face, as well as the risk profile for your unique business. This evidence will hold you in good stead because insurers will be very particular about which risks they underwrite.
Of course, improving how you manage your business risks leads to fewer claims. That means you’ll have less downtime and your business can spend more time in full production.
It pays to have an insurance adviser by your side with deep insights and knowledge of your industry. By letting us know of your past and planned changes to assist in meeting your obligations to insurers under the policy, it means we can identify your key business risks and customise insurance cover to suit.
Article supplied by OneAffiniti
Photo by Marvin Meyer on Unsplash