When to give your business insurance a maintenance check – tips from BizCover.
Any good tradie knows maintenance is just as important as installation. Time changes things, and the shiny, new plumbing pipes your business installed a few years ago will eventually leak.
But before that leak turns into a stream, and that stream into a boggy swamp in someone’s bathroom, it’s essential to do some minor maintenance.
SEE ALSO: Tradie Tough Tests
Your business insurance is no different. It’s likely your business is not the same as it was when you initially took out the cover. But between everything you do, insurance can often be forgotten. Here are three times to consider giving your business insurance policy a maintenance check.
1. Business circumstances change
New technologies and regulations could make or break your business. Or maybe you have had to adapt your product or service to compete in this new environment. When circumstances change, it’s a good idea to ensure your insurance has you covered.
2. New business equipment
The equipment or tools your tradie business uses are an essential part of your success. And you will inevitably need more as your business grows. As the value of your equipment increases, you can update your cover to ensure you have sufficient insurance to cover you if you need to make a claim.
3. Business has grown
As your business develops, your revenue stream may increase, and new employees may be onboarded to help you keep up with the growing demand. Ensure that when renewing your policy, it reflects the current size of your business.
The bottom line
While your business insurance is not something you have to worry about daily, it’s also not a set-and-forget product. If your circumstances change, your policy might not cover you for the current risks you face. Ensure your policy reflects the current state of your business so if something goes wrong you can be assured you’ll be adequately covered.
Got new risks? Jump online and visit bizcover.com.au or give us a call today.