Business Recovery post COVID 19 is a hot topic right now. 2020 was a year that was full of change, challenges and a new way of living and doing business.
Future-proofing your business against these challenges is more important than ever – and the best way to do this is by preparing yourself for possible changes to your insurance policies.
A recent study conducted by CGU found that “75% of customers have not updated their property sums insured in with in last couple of years*. With all the challenges & changes 2020 threw at businesses, now really is the time to review your insurance requirements.
Flexibility is key when reviewing your insurance requirements! Business owners need to take changes to their respective industries into account to ensure they are covered against every eventuality.
A few indicators that may trigger changes to your insurance policy include:
- Changes to your business activity. As a result of COVID 19 you may be selling, importing or manufacturing new products or your distribution model may have changed.
- An increase or decrease in annual sales. This can impact your liability insurance and loss of income calculations.
- Changes in stock levels. This can impact the Fire, Theft and Transit sums insured you require.
- A shift in employee numbers and changes in the use of sub-contractors or labour hire personal. This can impact your Liability insurance and potentially your workers compensation insurance.
Success in your business endeavours naturally comes from careful planning and organisation. Protect your business against changes in your industry with the right insurance policies.
Solis Insurance Group is committed to working with you to understand your business and review your insurance program. Call us on 1300 127 199 to chat with one of our experienced insurance brokers.
*Insite FY20 Business Property Cover portfolio CGU