Most business owners will have an Insurance Policy in force, which will provide them with cover incase of any eventuality, such as Theft and Riot/Malicious damage, which are common insured events.
- Firstly you need to check the date on your policy, a policy that has expired is no good to you.
- Check the fine detail – The Description on your policy needs to accurately reflect what you do – this is crucial.
- Check that your day to day running is complying with the terms and conditions of the policy – your insurer provider will no doubt have made certain requirements of you when you took out the policy.
- Check your numbers – Make sure the sums insured are adequate, as a result of being under-insured could be severe.
- Loss of earnings – Which occur whilst any damages are being rectified have you thought about this and included it in your policy? If so is it enough?
These are just a few of the things you may want to consider. I suggest you get on the phone to your insurer and run through all the fine details of your policy.
Remember it’s your business, and you do not want to suffer.