Business Insurance Renewal - Take it Seriously

This weeks guest post is all about that thrilling subject of business insurance. Steve Mansfield sets out what you need to consider when renewing your business insurance.

So, your business insurance is due for renewal - what's your reaction?

1. Groan, it's a pain, what a headache...

2 Get something - anything cheaper, let's just save some money

3. I'll do it later, but then 'later' just creeps up on you and you just renew it regardless of what it offers...

STOP! This is critical - get it wrong and you'll be out of business! Get it right and you can move ahead with confidence. You should be looking forward to once again, making sure that your business insurance is correct, appropriate and adequate to cover your business against the risks.

Here's your checklist:

1. Take it seriously. You must make sure you are covered when it comes to the crunch.
2. Describe your business and all of its activities accurately and comprehensively.
3. Be honest, disclose all of those skeletons in the cupboard - that means all past claims, possible claims arising and convictions. It will cost you more if you don't!
4. Make sure you really understand what you are and are not covered for.
5. Buy what you need, not what you are sold.
6. Check out warranties, terms and conditions, endorsements and restrictions. Understand how each one impacts your cover and what changes you might need to make to working practices, storage, physical protection etc. in your business
7. Beware, if you are saving money - check that you are not sacrificing any cover or protection.
8. Don't skimp on sums insured because if you make a claim the insurer will find out and reduce your payout as a result.
9. Employ an expert. Buying business insurance can be tricky and it's always best to get it right.

And, once you have renewed the policy, that is not the end of your work. Keep in touch and advise your broker or company of anything and I mean anything that changes.