Recently updated on October 25th, 2022 at 11:15 am
If you’re a business operator in Australia getting ready to renew your insurance, you may be wondering if you should keep your same policy or consider changing your plan.
There are many types of business insurance from Ontario, in which all liability coverage of business is included. Policies often last for a year, though some may cover longer or shorter time frames. When it’s time to renew your coverage, you have a chance to make some changes or carry on with the same policies. Here are five things you should look into before you decide to renew your business insurance.
1. Know Which Policies You Need
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Depending on what kind of business you have, you may be required by law to have certain types of insurance. For example, Australian companies with employees must have worker’s compensation insurance. Some businesses are also legally required to have personal liability insurance to cover risks like injury or death. Additionally, if your company owns and operates motor vehicles, you must have them properly registered and insured. When selecting insurance, you should prioritise the policies you need first, and then you can determine which additional types of coverage to get.
2. Assess the Value of Your Business
Often business insurance policies are based on the value of your company. As a business operator, you know that much can change in a year, including the value of your property and inventory. Before you renew your insurance, review your policy and determine if your coverage is appropriate. If you have added assets to the business, you may need to expand your coverage. However, you could also be overpaying for your policy as well. Talk with your broker to make sure your insurance is appropriate for your business.
3. Evaluate Your Risk Level
Some businesses need additional insurance because the work they do is associated with a higher level of risk. For example, there are special insurance policies for fields like fitness instruction, natural therapy and tattooing. In addition, any company that provides advice or services should consider personal indemnity insurance.
Furthermore, if you own property, you’ll want to guard your business against anything that could go wrong on-site by getting commercial property insurance. There’s also travel insurance for businesses that require employees to visit many different places. When you renew your business insurance, evaluate your risk level and discuss the types of coverage you might need with your insurer.
4. Consider Insurance Bundles
Perhaps you’re interested in simplifying your business insurance. Your insurer may offer a business insurance bundle that combines several standard policies into one document. This means less paperwork, simpler payments and only one policy to keep track of at renewal time. Insurance packages can even help you save money, depending on the policy details. If you operate a business that would benefit from this type of coverage, look for an insurance company that offers an affordable, streamlined insurance bundle.
5. Compare Rates between Insurers
You could also switch your insurance companies when it’s time to renew. Even if you are satisfied with your current insurance, you might be surprised to learn better plans are available. Ask around your professional network for recommendations and read unbiased reviews online from other business operators to get a sense of what is out there. You can shop around and see if other companies offer business insurance policies that are more beneficial or affordable. Most companies are happy to provide a consultation for a potential client.
Each time you renew your insurance, you have a chance to review your policy and examine your company. If you are thinking of altering your plan, discuss with your insurer to determine the appropriate coverage for your business.