If you own a business, you probably know that having insurance is essential. We often take a bit of a set and forget approach with insurance, but what if things change? If you don’t regularly review your insurance, you may get into a bit of trouble if anything goes wrong.
You’re changing your business structure
If you’re moving away from working solo and your business structure changes, you’ll need to sit down and review your cover. There’s a lot more at risk if you now own a business with employees and have bigger operational needs.
Your business and/or environment changes suddenly
As we’ve witnessed with the global pandemic, some things are unforeseeable. When these events happen, its important to sit down and review your current policies.
Certain industries are also subject to various changes, policies or new legislation that can impact areas of your business. This would require a change in insurance policies to ensure you have the most appropriate cover.
Your business has seen long periods of growth or reduction
Your workload might be on the up and you’re taking on bigger and better jobs. As your business evolves and you start to scale up, do you have the right cover to make sure the new elements of your business are protected?
On the flip side, if you’ve seen loss in profits, business, clients, or you’re purposely scaling down, your insurance will need to be reviewed so you’re not paying for services you no longer need.
You’re working with more pros
If you’re now also working with different professionals like surveyors or engineers, you’ll need to have the right kind of professional indemnity insurance to cover any mistakes or damage that might happen on the job.
If you’re not sure exactly what you’re covered for and what you’re not, come and chat with one of the experts at Cactus – we’ll get you sorted!