Insurance brokers essex: 5 signs that your insurance needs attention

With the job I am in, I am frequently looking at business insurance policies that have been arranged by someone else.

What I am finding more than anything else when looking at a policy is that it needs to be updated in some way, and it needs to happen now, not at renewal time, if the client is going to stand any chance of making a successful claim when they need to.

So what I thought I’d do is give you just a few things that you can do to check whether your policy might need updating before its renewal date. You will need to dig out your policy schedule for this:

1.  Policyholder/Insured title – does this still accurately reflect your company?  Did you start off as a sole trader or partnership but have now gone Limited?

2. Business Description – this is vital.  Think of anything and everything you do in your business: does it say that on your policy schedule?  Have you expanded into new products or markets since taking out this policy?

3. Policy period – sounds obvious, but policies expire, and although insurers and inurance brokers will (hopefully) alert you to this, your policy can still run out if you do not take the appropriate action.

4. Sums Insured  – are these still adequate?  Have you had a massive influx of stock, machinery, plant, or equipment?  Look around you – do you have significantly more (or less) than when you started your policy?

5. Correspondence and/or insured address – are you still there? Have you taken bigger premises? Downsized? Moved 10 miles down the road?  Another seemingly obvious one, but only this week I was asked to take on a policy where the client had moved into another building (and changed company names) yet their insurance policy didn’t reflect this.

Hopefully the above will give you some idea as to whether you should be speaking to someone about updating your insurance policy. If any of the above resonates with you; make the call now.

Business Insurance Brokers & Property Insurance Brokers