{"id":239,"date":"2023-09-07T12:00:50","date_gmt":"2023-09-07T12:00:50","guid":{"rendered":"http:\/\/xy4.co.uk\/?p=239"},"modified":"2023-10-10T09:37:21","modified_gmt":"2023-10-10T09:37:21","slug":"when-to-update-your-insurance-policy-coverage","status":"publish","type":"post","link":"http:\/\/xy4.co.uk\/index.php\/2023\/09\/07\/when-to-update-your-insurance-policy-coverage\/","title":{"rendered":"When to update your insurance policy coverage"},"content":{"rendered":"
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As a small business owner, you may be wondering when to update your insurance policy. If you have shifted or changed operations to meet new customer expectations or restrictions, you need to be contacting your insurance provider to make them aware of these changes. Failing to communicate these changes to your insurance provider, could leave you without insurance coverage, period. Better to be safe and to communicate these changes, and best to do so, before they happen. To help you make the most informed decisions, here are other situations during which it may be time to revisit your policy.<\/p>\n

Your business changes. So should your insurance coverage.<\/h3>\n

Noticing that your policy term is almost over isn\u2019t the only time when you should contact your insurer. It\u2019s also important to talk to them if your business changes at any point during the year. There are several ways in which changes to your business may affect your coverage.<\/p>\n

It\u2019s important to remember that the amount of coverage you have matches the current value and operations of your business. If your business has changed in any way, your policy could need an update to reflect those changes. This would include things like offering a new product or service, selling products, or providing services outside of Canada, launching an online store, changing business locations, or higher levels of stock and equipment that requires a change in property limits.
\nYour representative can walk you through any adjustments, additions or subtractions that will need to be made to your policy to reflect those changes. Having inadequate or no coverage can leave you vulnerable to risk and potential loss.<\/p>\n

Here are examples of key questions to ask yourself when reviewing your policy:<\/strong><\/p>\n

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  1. Have you changed your business name, physical address, or the products or services that you\u2019re offering?<\/li>\n
  2. Has anything changed with your business vehicle usage?<\/li>\n
  3. Have your property values changed, or stated differently, does your current policy properly reflect the limits that you have for business contents, including stock and equipment?<\/li>\n
  4. Are you comfortable with liability limits you currently have on your policy?<\/li>\n<\/ol>\n

    Key moments to update your insurance<\/h3>\n

    We understand that running a small business is busy enough, which is why we\u2019ve taken the guess work out of knowing when to update your coverage. Below is a list of key moments that could prompt a change in your coverage needs. If any of them apply to your business, be sure to contact your insurance provider and have your policy reviewed.<\/p>\n