While you’re probably used to things constantly changing when you run a business, the amount of change your business went through in the last two years might have been unlike anything you’ve faced previously. And as we head into a new year which will undoubtedly bring its own set of challenges, you might find yourself making even more changes. As you continue to work differently, its also important to take the right steps to make sure you’re continuing to protect your business…

As your small business evolves, you might assume your insurances all cover you the same way, and you only need to contact your insurance broker when you need to renew your policy or make a claim. The reality is, however, there are many other changes which your insurance broker needs to be made aware of. Regularly keeping in touch with your broker can help to make sure you’re not left with any gaps in cover, and help you get the most value out of your broker’s service. Some of the instances where you may need to notify your broker include if you’ve hired a contractor; moved premises; changed the services you offer or experienced a complaint where a client has said they’ll sue you.

As you continue to adapt your business to an ever changing environment, it’s also important to ensure your cover stays up to date with your business’s circumstances. Your insurance renewal document is a great place to start. Each year, when you receive your renewal, take some time to undertake thorough review of your insurance documents, and make sure all the information on it is still correct. Is your business name spelt correctly? Are the services listed on your policy still the services you provide now, or have you expanded your services recently? Are your sums insured and policy limits sufficient? Even minor oversights like a spelling error in your business name can cause unnecessary hassle at claim time, so making sure the information on your documents are in good order can help prevent such hassles.

While keeping your insurance updated is important, remember that insurance is also one piece of the puzzle. As you evolve your business, your business’s risk management may also need to evolve accordingly. For example, do you need to look at your business’s administrative processes to identify gaps which might lead to mistakes or compliance breaches? Do you need to look at the training your staff go through currently, is it still adequate for the way your business works? Are there any new legislations you need to now be mindful of with the changes that have occurred within your business? Thoroughly reviewing your business’s risk management practices and adapting these to be relevant to you business’s current circumstances can not only help prevent things going wrong in the first place, but also help you be better prepared and manage the situation if something does go wrong