Start the year with a review of your business insurance policies

Make a New Year’s resolution with a difference this year and resolve to sort out your business insurance, properly.

It’s not fun, but it could be useful.

To help get you started, we have created a pre-renewal insurance checklist so you can begin the year prepared and confident that you are adequately insured. Our checklist contains three areas of your business to assess:

1. Has your insurance kept pace with your business?

• Have you started conducting new operations?
• Has the nature of your business changed during the year?
• Have there been any noteworthy changes in your financial position?
• Have you acquired more assets or businesses?
• Are your buildings valued correctly? Considering the sharp recent increase in building costs now is the time to review building sums insured.
• Have you had a reduction or increase in staff?
• If you had to make a claim, are you confident that your limits will cover a large claim loss without impacting your bottom line?

2. Assess your business interruption cover

• Are you confident your business interruption cover will adequately support your business following a major incident?
• Indemnity period – have you reviewed your indemnity period under business interruption? We can assist you in reviewing the indemnity periods suitable to your needs.

Failure to have the correct cover in place may result in the business being unable to continue following a loss.

3. Demonstrate positive risk management improvements

• The simplest, yet often overlooked, way to make a saving on your insurance at renewal is by demonstrating to insurers that you are taking measures to mitigate the risks you face.

Howden will work with you to assess your risk exposure, implement improvements, and present your new risk profile to insurers to try and negotiate better premiums.

We have helped thousands of customers to see the value of a broker who isn’t just about exchanging money for insurance policies. We provide advice and a service to manage your risk and exposures to fit business budgets and provide class-leading risk management service. Independence and scale give us penetration to a wide range of the insurance market and do the best for our clients for both premium and coverage.

Our priority is getting businesses cover right and stopping the “what if” concerns that tend to come with commercial insurance where brokers take an easy route. We provide certainty over your coverage, help with risk management, and control over premiums. Could we help your business get rid of the what-if?