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When should you have your policy reviewed by a broker?
There are many situations that should trigger a review of your insurance policies, including changes in the following:
- Levels of stock – you should ensure your policy covers the current value of your stock on hand. We can adjust your policy to reflect this value.
- Staffing – if you have either increased or reduced the size of your team, this may affect the types and levels of cover you need.
- Equipment and other business assets – your current policy may not cover
new business assets you have purchased recently. If you have sold assets, you may be able to decrease your sum insured to reduce your premium.
- New risks to your business – has the way you operate your business created any new risks to consider? For example, increased cyber risks from working in different environments.
- Increased or reduced turnover can impact your business interruption policy.
- New products or services you have launched.
- Changes to sales channels, distributors or trade partners.
- Any newly created entities may have affect your operations or have interests in assets.
- Any changes to directorships.
The benefits of reviewing insurance policies
As a Steadfast insurance broker, we are able to access many of these services for FREE! We have access to experts in this very complex field to help. Ask us how we can help you.
- Save time – researching different policies and comparing policy wordings can be time consuming and tedious. With Steadfast’s innovative tools, we can quickly compare and assess different insurance products – taking the hard work out of finding the right cover.
- Expertise – we can take the time to understand your business and provide options that suit you.
- Save money – we help ensure you have the correct levels and types of insurance in place so that you are paying the
right premium. If your circumstances have changed, we can also recommend ways to help ensure your cover is cost-
- Reviewing your funding options – you may wish to pay your premium for the year upfront, or in flexible monthly
or quarterly instalments to assist with your cashflow. We can assist in sourcing premium funding options to suit your
By reviewing your current situation, we can help ensure you have the right types of cover required and the correct sums insured so you have peace of mind that you are adequately protected.
Policy review process
A typical policy review will involve:
- Setting up the meeting – we will set a meeting at a time and place convenient to you.
- During the meeting – we can discuss any changes in your business and listen to any feedback you may have.
- After the meeting – if there are any changes to your business, we can create an action plan and recommend adjustments to your policies to help ensure you are appropriately covered. We can then update your policies as required and provide you with certificates of currency to confirm your cover.