There are many moving parts when it comes to the functionality of a small business, and when you’re in the driver’s seat, keeping track of all that’s going on in your business can be pretty hectic. There are many elements, way too many to-do lists, and never ending reminders.
With so much happening you may not have taken a moment to reflect and give your business insurance a health check. It’s only all too easy to set, forget and renew your business insurance policies year after year, so now is the time to evaluate and understand your business insurance better.
This is part one of our two part series to help guide you through the fundamentals to remember when reviewing your policy, ensuring that you’ve got the most appropriate cover in place to suit your small business and its insurance needs.
Review your current business insurance policies
Try as we might, it isn’t always easy to manage everything related to running a small business. But when it is your hard-earned money paying for your business insurance policies every month or year, you might want to reassess and see if the policies you have taken out are still suitable for your business.
A way to look at it, is by reviewing the kind of risks your business is exposed to and what kind of protection you have in place to safeguard your business. Things change, businesses grow, and the risks can be different from you originally took out your business insurance policy.
If you feel there are new things that may pose a threat to the functionality and future operations of your business, then now might be the ideal moment to sit down and look at what other business insurance options are available.
Do you know the lingo of your policy?
Understanding what your business insurance policy provides cover for, what it excludes, limits, sub limits, etc all seem like insurance-y lingo terms, but are really important to have an understanding of. You want to ensure that are covered for the things that are vital to keeping your business running, having peace of mind that you are protected when you need a helping hand.
These are some of the common insurance terms may come across with your business insurance policy and what they mean:
It’s helpful to know exactly you are covered for and what is excluded. ‘Exclusions’ refer to certain acts, people, property, types of damage or locations for which a claim can’t be made. Typical exclusions may include (but are not limited to) loss or damage due to intentional acts; war or terrorism; and events that occur outside territorial limits.
An ‘Extension’ provides cover for losses that fall outside of the normal conditions of the policy which comes at an additional cost
‘Limits’ or ‘Sub-limits’ refer to the maximum amount payable for a particular event or item that is covered under the policy.
If you are ever unsure of certain terminology of your policy, it is wise to have a chat to your insurance provider about your queries. Ensuring that you have got the appropriate type of cover in place is going to save a lot of drama down the track if you had to make a claim.
Stay in charge of your business insurance
Nobody knows your business like you do, so why not make your life a bit easier when it comes to managing your business insurance. These are some quick ways that can help to stream line and make the process simpler:
- Start by keeping all your policy information in one safe spot so you know where to access it in a hurry, also helpful if you needed to make a claim.
- Keep copies of your receipts for things you may have covered with your business insurance policies, for example a new laptop or other business assets.
- Have the contact information of your insurer handy
- Have a copy of your policies to see things like the amount insured and the details of your business. Review this for things like number of staff, policy limits and cover etc.
Whether it’s an increase of cover, taking a new policy or just clarifying your coverage, BizCover is here to help your small business and your business insurance needs. Getting your insurance sorted shouldn’t be complicated, overwhelming or dramatic.
If you’re after a quote or just have some questions about your existing or new policy get in touch. Our friendly customer service team is there to help you with your business insurance.
Our online platform is designed to make comparing your business insurance policies simple. There’s no need for mountains of paperwork, fancy lingo and never ending questions. Just business insurance made easy, so you can get to the things that matter, like running your small business.
Visit bizcover.co.nz and get insurance for your engineering business without the stress so you can get on with your day. If you feel like a chat, give us a call on 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.