Health check your business insurance

It can be easy to forget to review your business insurance. However if you’re not adequately covered, you could risk damaging your financial health should you suffer an uninsured loss.

Your liabilities
Have you thought about all the risks your business (or property) could pose to the general public on a daily basis?
If you make, alter or supply goods / products, have you considered what could happen if they injured a customer?
If you're an employer, does your insurance cover all staff you employ under a contract of service whether permanent, temporary, contract, apprentices or work placements? Only exceptions are public sector organisations or certain family businesses if employees are closely related (visit www.hse.gov.uk).
Your buildings and contents
Do you own your business property? Are you comfortable that you have the right Building Sums Insured (BSI) or sought professional advice from a qualified surveyor? Your BSI is the rebuilding cost of your property (not its resale value). It's important this is accurate: if too low it may not cover you should the very worst happen and your property needs a complete rebuild; but if too high, you could be paying too much for your insurance.
Do you regularly review how much stock, equipment or tools you store on your premises to ensure that the whole value is covered under your contents' cover limit?
Your financial health
If the worst should happen and your business cannot operate for a period of time, are you confident that you could restore your business to the same financial position as before?
Over recent years many new laws have been introduced to protect the rights of employees. Would you know where to turn if an employee raised an employment dispute against you?
Your claims
Should you need to make a claim on your stock, equipment or tools, would they be replaced like for like?
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