A global pandemic, an economic downturn – it sure may not seem like it, but why is NOW the perfect time to get an insurance review? The short answer is that there’s never been a better time. Read on to learn more.
What are the benefits of getting an insurance review?
As a matter of best practice, you should be getting your business insurance reviewed annually. A lot can change throughout the year with your business, and it’s easy to forget to notify your insurance broker about changes to your business that might impact your insurance solution, or worse, leave you unknowingly exposed to additional risk. A review with an insurance expert will help to ask you the right questions and gain a firm understanding of your current business and insurance needs.
There can also be external factors to consider when it comes to your insurance solution. Some examples include:
- Emerging risks – cyber is a good example of an emerging risk – we have known about the increasing risk of cyber attacks and data protection for some time, but it’s also a continuously evolving risk with new requirements and changing types of cyber attacks.
- Changes within the insurance industry itself – there can be new insurers and underwriters entering the market, some may exit a market, policy innovations are introduced and policy wordings changed regularly.
- Global incidents – things like political unrest, terrorism and, you guessed it, pandemics, can have a significant impact on your business and your insurance solution. And given the ongoing prevalence of the global COVID-19 pandemic, we’ll spend a bit more time explaining why.
Understand and protect your business following the impact of COVID-19
There’s no doubt the global pandemic has impacted us all, both personally and professionally over the past year. Some business struggled and had to close their doors, others pivoted into new ways of doing business or started to offer new services. Business in some industries thrived (think mask and hand sanitiser manufacturers, food delivery services, home improvement suppliers), and others are still facing a significant amount of uncertainty about their future.
Regardless of what category your business would consider itself for now, it’s likely that your business is different today than it was pre-pandemic. Even if it’s just a more flexible working environment, or perhaps your employees worked remotely for the first time ever in the past year. Believe it or not, all of these changes can have an impact on your risk profile and may have potential implications to your insurance solution.
Some key questions* for business leaders to ask themselves to determine if it’s time for an insurance review include:
- Do we have insurance cover or are we subject to a pandemic exclusion?
- Is the organisation complying with policy requirements, such as notifying any potential claims?
- Has cyber insurance cover been reviewed to make sure it will respond to the increased risk of exposure in the current environment?
- When are our policy renewals due and how will the crisis impact them? What forms of cover do we need going forward?
- Can the organisation access the special arrangements put in place by insurers for small business?
[*Source: The Australian Institute of Company Directors]
Book your insurance review now
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