Risks are constantly changing, is your insurance keeping up?
The business environment has long been volatile, and the COVID-affected economy has only amplified this. As businesses continue to navigate these fluctuations in economic conditions, chances are many have had to make changes to stay afloat.
If you think your business' risks have changed, it may be time to consider a thorough insurance review and audit. By reviewing your insurance regularly, it helps to ensure your cover continues to reflect your current circumstances and risk profile.
Benefits of an Insurance Review
Conducting an insurance policy review can help identify if your current policy matches your current risk exposure to effectively protect your business against potential losses.
Other benefits include:
- Identify gaps in your current cover to see if any instance of non-insurance or underinsurance
- Address exclusions in your policies
- Alert you to new risks in your operations
- Ensure you're responding to COVID-19-related exposures
- Assist in securing optimal coverage
- Potentially save on insurance costs
- Identify whether your business would be able to survive an incident with current insurance cover or whether amendments are needed
COVID-19 and Insurance Changes
The COVID-19 pandemic has driven significant consumer and employee behaviour changes, meaning some businesses may be left with new protection gaps. As a result, several new insurance policies have emerged which businesses should be aware of.
For example, having employees work from home has triggered new areas of liability as well as a rise in phishing and ransomware attacks.
Some businesses have also experienced a reduced income because of the pandemic, which can put a barrier between them and the protection they need. That's why insurers are stressing the need to develop affordable solutions, collaborating with insurance brokers to create commercial product packs.
Business owners are therefore encouraged to familiarise themselves with the latest product offerings available to them. Insurance brokers are there for assistance with this, as they can negotiate on their behalf and help find an insurance policy that fits their needs - at the right price.
How Coverforce can help
Our experienced team of brokers are here to help protect the financial future of your business. As your business' needs change, we can help to ensure your cover remains the best option for your current circumstances.
For more information or to arrange cover, please contact your local Coverforce Office.
The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Coverforce directly.
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