If you’ve had the same insurance policies in place for a long time, there’s a good chance that your circumstances are not the same as when the policy was first taken out.

As part of our client service approach, we can handle the day-to-day management of your insurance cover. This includes holding regular review meetings to help make sure you continue to have the right level of protection and recommending changes where necessary to account for either new or emerging risks to your business.

It’s good practice to not only review your policy each year, but also when there are changes in your regular circumstances.

62% of SMEs are unlikely to have the right insurance in place to protect their business.
(QBE SMEs and Insurance Report – Pureprofile research study of 609 Australian SMEs completed for QBE Insurance during April 2019)

When should you have your policy reviewed by a broker?

There are many situations that should trigger a review of your insurance policies, including changes in the following:

Levels of stock – you should ensure your policy covers the current value of your stock on hand. We can adjust your policy to reflect this value.
Staffing – if you have either increased or reduced the size of your team, this may affect the types and levels of cover you need.
Equipment and other business assets – your current policy may not cover new business assets you have purchased recently. If you have sold assets, you may be able to decrease your sum insured to reduce your premium.
New risks to your business – has the way you operate your business created any new risks to consider? For example, increased cyber risks from working in different environments.
Increased or reduced turnover can impact your business interruption policy.
New products or services you have launched.
Changes to sales channels, distributors or trade partners.
Any newly created entities may have affect your operations or have interests in assets.
Any changes to directorships.