How insurance needs change as a business grows
Growth brings new people, new places and new contracts. Each of these can change the risks a business carries.
Published on
When a business grows, attention naturally goes to clients, people and organisation. Insurance covers chosen in the early days can quietly fall behind. Here are some of the moments when it makes sense to look at them again.
New people
Hiring changes responsibilities towards employees and can increase the importance of key people. It may also open the question of benefits for the team.
New places and new assets
A new office, a warehouse, a production line or new vehicles change the value of what the business owns and the consequences of losing it.
New markets and new contracts
Working with larger clients, in other countries or through public tenders can bring contractual requirements on insurance, and new types of liability.
Dependence on continuity
As commitments grow, an interruption of activity can weigh more heavily. Understanding how long the business could cope with a stop is part of reading its risks.
A practical habit
Many businesses find it useful to review their covers at least once a year, and whenever a significant change is planned rather than after it has happened.
This guide offers general information only and does not replace an analysis of your business.