Woman signing document.
Woman signing document.

When to update your business insurance policy

The daily operations involved with running your small business and the challenges you face can often overshadow the importance of reviewing your insurance policy. Between work, home, and personal obligations, updating your policy may not be at the top of your to-do list.

Have you been wondering, “when do I update my insurance policy?” Here are a few ways to review your coverage and ensure you are effectively managing the risks faced by your business.

Change is constant – are you keeping up?

It’s a good idea to maintain a relationship with your insurance provider – they’ll be eager to hear about what you’ve been up to! Naturally, you’ll want to connect when your contract is about to expire, but it’s also important to reach out whenever you’ve made a change to your business. This could be a change in location or an operational change.

If you haven’t taken a moment to assess how and where your business has developed over the last year, there’s no better time than the present. You might be surprised at how your changing circumstances have affected your insurance needs, even if the changes seem minor to you.

Your coverage must match the value of your business, as it stands today. If you’ve added new elements or grown your operations, your business could be facing different risks, and your policy might require an update well before its expiry date to ensure you’re still protected.

Is your insurance working for you?

Introducing a new product or service, launching a new online platform, or expanding to new locations are all good examples of changes that could affect the value of your business, and by extension, your insurance needs. Remember that without the appropriate coverage, you’re more vulnerable to risks or a damaging loss.

If you’re planning to grow your business this year, it’s vital that you notify your insurance company before you begin to make any changes. Your policy might require some additions, subtractions, or other modifications to reflect the change in your business. But you can count on your insurance representative or broker to walk you through any key considerations and the next steps to take. Working with an expert helps you ensure that you cover all your bases.

The following events are perfect examples of opportunities where you might need to modify your coverage.

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Hiring new personnel or replacing key employees

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Work space

Renovating your current space, adding a new location or moving primary locations

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Offering new products, services or expanding products into new markets

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The addition of new tenants around the business premises or changes to the neighbourhood

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Entering into new agreements or contracts with suppliers

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Purchasing new vehicles or replacing existing vehicles

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Investing in technology that makes your business, building or employees more secure

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Changing the ownership structure of your business

An effective insurance policy allows you to focus on growing your business

Your business will continue to evolve, and as it does, you’ll want to periodically review your support system. This means considering changes to your insurance coverage, but you may also want to update your risk management program. A professional consultation with a Northbridge risk management expert can go a long way when it comes to avoiding potential losses.

Are you ready to refresh your insurance policy? Tell us about your business so we can have a broker contact you about your quote.

This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information.

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