Has Your Business Outgrown Its Insurance?
Running a business means constantly adapting. You might take on new employees, introduce additional services, invest in equipment or move into larger premises.
But while businesses evolve, insurance arrangements can sometimes get overlooked.
If you haven't reviewed your cover recently, it's worth asking whether your existing policy still reflects how your business operates today.
Changes to your business activities
Perhaps you originally started out offering one particular service but have since expanded into other areas.
Different activities can introduce different risks. It's important that your insurer understands the work your business actually undertakes.
For example, a company that begins offering professional advice or design services may need to consider whether professional indemnity insurance is appropriate.
New equipment and stock
Have you purchased additional machinery, computers or specialist equipment?
Perhaps the value of your stock has increased as your business has grown.
It's worth checking that your sums insured remain appropriate, particularly if replacing damaged equipment would now cost more than when your policy was first arranged.
Changes to your workforce
Taking on additional employees, temporary staff or subcontractors can affect your business insurance requirements.
The work they undertake and the nature of their relationship with your business may also be relevant.
Make sure your broker has an accurate understanding of your current staffing arrangements.
Moving or expanding premises
Moving into new premises, opening an additional location or changing how a building is used can all have insurance implications.
Even seemingly minor changes may be worth discussing.
When did you last have a proper insurance review?
Rather than simply renewing the same policy each year, it's sensible to look at what has changed.
At LBH Insurance, we've been helping businesses with their insurance since 1949.
As independent insurance brokers, we take the time to understand your requirements and help you explore appropriate cover.
Has your business changed? Perhaps it's time your insurance had another look too.
Call us on 01702 347889 for a no-obligation, competitive quote—and peace of mind that your cover reflects both your risk and your reputation or email enquiries@lbhinsurance.co.uk.
