Why insurance isn’t just an EOFY concern
June 23, 2021
The end of the financial year is a busy time in the insurance calendar, with many business policies renewing at this time. And with June 30 almost upon us, if you’re one of those businesses, you’ve probably already been in touch with your broker to arrange your renewal.
But insurance isn’t a set and forget, once a year proposition. To get the best price, and terms and conditions possible at renewal, it’s important to keep your insurance front of mind, all year round.
The benefits of continual risk management
Perhaps you had a risk assessment conducted prior to your insurance renewal that recommended some changes to your risk management procedures? Or your broker has raised some concerns about some of the risks your business faces?
While you may not have had time to act on these prior to your renewal date, addressing these issues should be a focus for the coming year, giving you an opportunity to allocate time and money to resolving them.
Risk management issues will not resolve themselves so continuing to address any issues prior to your next insurance renewal may result in a better outcome next year.
And even if your business doesn’t have any risk red flags to address, staying on top of risk management ensures these issues don’t develop.
Demonstrating a documented, year round commitment to improving your risk management is what insurers may look favourably upon.
Adjusting your insurance policy
In business, things change. Perhaps you acquire a competitor, which increases your turnover and geographic spread. Or, in these COVID-19 fuelled uncertain times, you experience a major fall in turnover and need to downsize your business.
Whatever the change, or the reason behind it, it could have a material impact on your insurance policy.
So once the dust settles, one of the first calls you should make is to your insurance broker, to discuss how your business has changed and whether you need to adjust your insurance to reflect this.
Known as a mid-term adjustment, changes to your insurance policies can be made at any point during the year – you don’t have to wait until renewal to ensure your insurance is still fit for purpose.
In fact, the consequences of not keeping your insurance up-to-date could be significant in the event of a claim, if you discover at that point that your insurance cover is no longer sufficient for your business and you’re left with a financial shortfall.
Here to help
The expertise of the Gow Gates team goes beyond just arranging your insurance, and we can also advise on the best ways to address the risks your business faces.
For more information about our services, or for help with your insurance and risk management needs at any point during the year, you can contact us by emailing firstname.lastname@example.org or calling us on 1300 165 116.