The Importance of an Insurance Reviews

If you’ve had the same business insurance policy for some time, there’s a good chance it no longer fits your circumstances. As part of our client service approach, Lending Connection’s business partners assist with the day-to-day management of insurance coverage, providing regular reviews to determine you have the right level of protection, and recommending changes to cover any new or emerging risks to your business. Read on for more about scheduling an annual insurance policy review for your business. 

The right time to book an insurance review 

Any time there’s a change to your business, it’s vital your insurance coverage is updated too. Reviews of your business insurance policies provides an opportunity to consider the changes to your business and how they could affect your coverage needs. It’s good practice to  review your insurance policies each year and any time there’s a change to your business. Situations that should trigger an insurance policy review include: 

• The sale or purchase of any new equipment or business assets. 

• Changes to the way your business operates, such as new working environments could mean increased cyber risks. 

• Increased or reduced turnover could impact your business interruption policy. 

• New products or services you have launched. 

• Changes to sales channels, distributors or trade partners. 

• Any newly created entities that could affect your operations or have interests in assets. 

• Any changes to directorships. 

• Changes to levels of stock – ensure your policy covers the current value of your stock on hand.  

What insurance reviews can do for you 

The Lending Connections team can connect you with an expert insurance broker who will:

• Save you time – Researching different policies and comparing policy wordings can be time-consuming and tedious. 

• Help you compare – With innovative tools, they can quickly compare and assess different insurance products, taking the hard work out of finding the right cover. 

• Provide expert guidance – Taking the time to understand your business, they can provide options that best suit you and your business. 

• Save you money – Ensuring you have the correct levels and types of insurance in place so that you are paying the right premium. If your circumstances have changed, they can also recommend ways to help ensure your coverage is cost-effective. 

• Review your funding options – you may wish to pay your premium for the year upfront, or in flexible monthly or quarterly installments to assist with your cash flow. They can assist in sourcing premium funding options to suit your business.  

Insurance brokers review your situation to ensure you have the right coverage and sums insured, giving you peace of mind that you’re adequately protected.

How the process works 

Typical insurance reviews will involve: 

1. Setting up the meeting – we will set a meeting at a time and place convenient to you. 

1. During the meeting – we can discuss any changes in your business and listen to any feedback you may have. 

1. After the meeting – we’ll review any changes to your business and recommend policy adjustments to ensure proper coverage. We’ll update your policies as needed and provide certificates of currency to confirm your coverage. 

Book your insurance review now 

We take the hard work out of getting the most suitable cover at a competitive price. Get in touch with Lending Connections today to connect with an insurance broker who can assist with a review of your business insurance policies.