When it comes to insurance, we tend to take a bit of a set and forget approach. This is fine if you’ve got the right cover you need at the time, but what if things change? We’ve put together 4 reasons why you should regularly review your insurance.
1. You’re working with more pros
You might have scored a big job working with different professionals like surveyors or engineers, if so, you’ll need to let your insurer know as you might not be covered with the right kind of professional indemnity insurance to cover any mistakes or damage that might happen on the job.
2. You’re changing your business structure
If you’ve started to change your business structure, you’ll need to sit down and review your cover. There is a lot more at stake when your business grows, especially if you have multiple employees and bigger operational needs.
3. Your business is seeing periods of growth or reduction
You might be taking on larger projects as your business evolves and scales up. But do you have the right cover for this? Depending on what the limits of your cover is, you might need to chat with your adviser to make sure you’re good to go. The same goes for a period of reduction, if you’re scaling down you want to make sure you’re not paying for services you no longer need.
4. You’re working on new builds
if you’ve recently moved into the new build market, you’ll need to make sure you have the right cover in place. It’s important to figure out who arranges the contract works insurance for each job and whether it’s something you’ll need to sort out.
Not sure what you’re covered for? come and chat with one of the experts at Cactus – we’ll get you sorted!