Growing a Business? Don’t Forget About Your Business Insurance

A booming business is what everyone dreams of, however amid all the hard work and exhilaration, you may have forgotten one less exciting but very important detail – your business insurance. 

When it comes to business insurance in Surrey, there is no one size fits all solution. A business insurance policy is tailored to your unique needs, and over time, those needs can change. Whether you are expanding, renovating, or diversifying, it’s important to revise your business insurance to reflect your current situation accurately; otherwise, you may no longer have sufficient protection. 

How do you know when it’s time to update your business insurance policy? Here are a few common situations where a review of your current business insurance in Surrey may be necessary. 

You’ve Moved or Upgraded Your Workspace 

Substantial investments, changes, or improvements to your workplace need to be provided to your insurance company. Whether you are renovating a space, purchasing new equipment, expanding your office, or moving to an entirely new location, your insurance provider needs to know if there has been a change to your workspace. 

Any of these changes affect the value of your business, and your business insurance needs to reflect this new value. An existing policy may not be enough to cover new equipment. In the case of a move or renovation, without an updated business insurance policy, you may not be covered at all. 

You’ve Hired More Staff 

Your Surrey business insurance typically includes coverage for employer’s liability protection for staff. However, coverage is calculated based on the number of staff you have when your policy is issued; if you’ve since increased the number of employees working in your business, your insurance provider needs to be made aware. In some cases, you made need to update your business insurance contract. 

Also Read: Want to Buy a Business? Here’s What you Need to Know

Without enough liability protection, your business could be at risk for substantial losses due to workplace accidents, injury, or claims. 

You’ve Diversified or Changed Your Primary Business Function 

Expanding operations, merging with another company, adapting the products or services your business offers, or re-branding have their benefits, but you must advise your insurance provider of the changes. Any significant transformation of structure or offerings provided by your company will influence your business insurance policy. 

To ensure you continue to have the right coverage, keep your insurance provider up to date with any meaningful changes. 

Categories of Business Insurance in Surrey 

Depending on your operation, your business insurance policy may contain several types of coverage, and changes affecting any of these areas should be discussed with your insurance provider. A business insurance policy could include coverage for: 

• Commercial general liability 
• Business interruption 
• Product liability insurance
• Professional liability 
• Environmental liability
• Commercial auto
• Commercial property
• Cyber insurance
• Restaurant insurance coverage
• Retail insurance coverage
• Rental properties
• Hospitality industry 
• Construction and contractor’s insurance
• Oil and gas industry insurance policies

What your Business Insurance in Surrey Protects You From

Business insurance isn’t just there for those once-in-a-lifetime freak accidents. Your insurance offers protection from dozens of situations that could have a negative financial impact on your business, including:   

• Burglary and theft
• Water damage
• Weather damage 
• Fire
• Slip and fall accidents 
• Loss of business income 
• Crime 
• Equipment breakdown 
• Damage to business property 

Safe is always better than sorry when it comes to updating your business insurance. When in doubt about the consequences of a recent or planned change, it’s best to contact your insurance provider as soon as possible.