New year, new targets… but is your insurance still keeping pace with your business?
January is the go-to month for taking stock, hitting refresh and making shiny new plans. It’s also the ideal time to review your insurance cover.
Here’s why:
#1 – Nothing stays the same
Let’s be real – there’s a pretty high chance your business changed over the course of last year.
Whether it’s new contracts, higher turnover, more staff, different equipment, or changes to where and how you work, if your policy hasn’t been updated, it may no longer reflect how your business actually operates today.
#2 – Underinsurance is more common than you think
Many claims fall short simply because the sums insured or business activities, haven’t been updated.
According to Aviva:
- 19% of businesses haven’t reviewed how long it would take to reinstate their business within the last 2 years…and as we’ve already noted, a lot can change in a year!
Business owners are frequently caught out by the true cost of getting a business back on its feet. Relying on an ‘educated guess’ rather than a professional rebuild assessment could leave you seriously underinsured.
- 3 in 10 (31%) of businesses don’t have employers’ liability insurance, which is actually a legal requirement.
- 10% of SMEs wouldn’t survive paying up to £10,000 towards a claim that wasn’t fully covered by insurance.
A January review helps ensure you’re properly covered before something goes wrong.
#3 – Control costs early in the year
Keeping on top of costs is the key to running any successful business.
Reviewing now can uncover overlaps, outdated cover, or better-suited options, and has the potential to help you save money across the year (and avoid any nasty surprises).
#4 – Stay compliant and contract-ready
Many contracts require specific insurance levels or wording. Starting the year with the right cover in place means you’re ready to say “yes” to opportunities without delays.
#5 – Beat the renewal rush
Early reviews mean no last-minute decisions, no auto-renew regrets, and time to negotiate smarter terms – keeping you firmly in control.
#6 – Start the year with confidence
Set ambitious targets for the year ahead?
Knowing your business is properly protected lets you focus on growth, not ‘what ifs’. If business insurance has been on your to-do list for some time, January is the perfect time to tick it off. A quick review now can make a big difference later.
Book your January business insurance review
Start the year right and get in touch with our team today to arrange a full review of your current business insurance.
Backed by years of experience, our friendly and professional insurance brokers will make the process quick and hassle-free. We’ll do all the hard work for you, giving you the confidence that your cover is right for the year ahead.
Save time, money and stress – what’s not to love about that? Arrange your free review today.