Many businesses arrange insurance in the early days and then only look at it again when something changes, or when a renewal comes around. The difficulty with this approach is that risks evolve over time, and gaps in cover often only become visible when there is a claim. A short review with an insurance broker can help ensure that your policies reflect how the business currently operates and that protection remains adequate.
Business interruption
Business interruption cover is often misunderstood. It is designed to replace lost income while the business recovers from damage or disruption. The key issue is whether the indemnity period is long enough. If specialist equipment or premises are involved, recovery may take longer than expected. A broker can help evaluate assumptions and adjust cover accordingly.
Cyber risk
Cyber-attacks are now common across all sectors, not just large companies. Standard insurance policies rarely cover data breaches or ransomware incidents. Cyber insurance provides technical support as well as financial cover, which can make a major difference to recovery time.
Directors and officers
Directors and senior managers can face personal claims in relation to decisions they make. Reviewing Directors and Officers cover ensures that the right individuals are protected and that policy limits match the scale of business activity.
Supply chain and contractors
If contractors or suppliers are key to operations, it is worth checking who is responsible for what. Contracts should make insurance obligations clear, and your own policies should reflect any outsourced work.
Asset values and inflation
Rising costs mean many assets are now underinsured. Reassessing replacement values can prevent reduced payouts in the event of a claim.
A brief annual review can provide reassurance and avoid unwelcome surprises. If you would like support preparing for that conversation, we can help.
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