With the 2021/22 financial year done and dusted, now's the time to get shipshape for the next 12 months. As well as your finances, though, have you made time in your schedule to review your insurance cover? 

Here's why it's important: 

• You could save in the long term by not paying for a level of insurance you don't need 

• Your business may have changed, so it may be exposed to new risks your current policy won't cover, and 

• You may have new services or product lines on the agenda – or deleted some - and should check if your policy reflects that. 

This article will step you through the process to ensure appropriate risk management. 

Review your business for changes 

These are the typical business changes that would trigger amending your insurance policies: 

• New staff or sub-contractors employed 

• New contracts 

• Equipment, building, or premises bought, upgraded, or sold 

• How your stock moves over the year and if your policy covers it for peak periods, and 

• Different legislative, regulatory, or contractual requirements applying to your industry 

• Asset sales 

• Revenue growth or reduction. 

But your circumstances are unique, so think deeply about how you do business differently. Calculating your growth, staff, wages, and revenue accurately helps you assess if it's enough and prepared for projected changes. 

New business assets 

Over the past financial year, you might have bought, extended, upgraded, or sold buildings or equipment for your business. Have you told us? If we're not privy to those changes, you could risk a shortfall in your insurance cover. 

Changes to employees/staffing 

You may have put on more staff. Taking on sub-contractors could leave you liable for injuries that happen while they're working for you. Check your sub-contractors have their own insurance to cover injuries or damages for which they are responsible. 

Your business could be at risk of claims against directors and managers for unfair dismissal, discrimination, or workplace bullying claims. That's where management liability insurance will offer protection to help pay legal and other costs whether your business is at fault. 

Are your stock levels the same? 

Doing an inventory at the end of each financial year helps you gauge your stock levels. But they may not give you insights into how stock levels fluctuate over the year. For instance, they may rise in the run-up to Christmas. Be sure to check your policy specifies cover for your stock that aligns with your peak times. 

Your next step for your insurance review 

We recommend checking your insurance cover at least annually and when your circumstances, risk exposures, and mitigation strategies change. For example, new coverages might become available since you last renewed your policy - like cyber insurance. You could also be in line for additional premium discounts. This can happen if you installed extra security on your business premises, or if your business vehicles aren't being driven as far as previously. 

So now's a good time to let us help you save money and have peace of mind your business is appropriately covered. We can guide you through a full insurance program review.