There are a million and one things that you have to remember when you run your own business- numbers for this, logins for that, it never seems to end. But it when it comes to protecting your business and the things that keep it running, spending a bit of time understanding your business insurance might be worth the investment.
In our quick guide we explore some of the key areas of your business insurance policy and the things that help build your confidence and knowledge of your coverage.
Do you know what you are actually covered for?
Umm liability something? Fear not, you are not alone when it comes to not having a complete grip on what business insurance policies you might have in place. You might have bought them on the fly and haven’t given them a second thought since.
This is an opportunity to review them and really understand what risks your business may be faced with. It’s potentially a time that you can strengthen your business’ protection by double checking your policies. These are some tips on what might help:
- Locate your policy and review what type of policy/coverages you have in place
- Chat with your insurance provider and clarify what you are covered for and what is excluded on your business insurance policies
- Keep copies of your business insurance policies in a place you can easily access them if needed
Do you have enough cover in place?
Things change in the world of business, and the kind of cover and limits that you may have originally taken out may not suit your business anymore. Understanding what you currently have cover for and the current insurance needs of your business, allows for you to feel confident with the business insurance you have in place.
Some things you may want to look at since you first took out your policy include:
- What are the limits on my policy? Are these enough if a claim were to occur?
- Have you hired more staff?
- Do you have a higher turnover?
- Are you working on bigger projects? Taking on more clients, producing more items to sell etc?
- Have you purchased more business contents?
- If you own your business building, have you made any alterations/ extensions etc?
Another thing to remember is inflation and the cost of repairing or replacing business items and buildings. Materials and labour may be experiencing a shortage, and this can impact your business operations if a claim were to arise.
Are you insured for the right kinds of business activities?
The type of business activities you may have first being insured for may have changed. If this is the case, you may want to look at checking what business activities you are exactly covered for on your business insurance policy.
You want to have the confidence that your business is insured for the correct types of business activities and not caught out if a claim were to occur.
Things which may have changed with your business activities include for example:
- Offering mobile services of your business
- Starting to sell products from your business
- You may start providing professional advice to clients
- Opened a store, market stall, have increased interactions with members of the public
Would you know what to do if you had to make a claim?
It’s not something you plan or hope to do, but if the occasion did arise where you had to make a claim on your business insurance, you want it to be as stress-free as possible.
Some ways to feel calm and confident about your business insurance if you had to make a claim:
- Keep all your business insurance policy details nearby- like your policy number
- Write down as many details of the claim as possible, this assists with the process
- Keep your receipts for things that you purchase for your business as a record in case you need to provide proof of purchase at claim time
- Talk to your insurer to get the claim process started as soon as it is possible to do so
If you feel it’s time to revie your business insurance, then get in touch with BizCover today. We don’t believe in paperwork or complicated insurance lingo, just easy, online insurance at the click of a button.
Visit bizcover.co.nz and get insurance for your small business without the stress so you can get on with your day. Feel like picking up the phone and having a chat instead? You can find us at 0800 249 268.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Limited.
