23 March 2010

A lot can change in 12 months. It is surprising how many insurance renewal reviews we complete with our clients and the end result is quite different to the previous year’s cover. Whilst it is important to review and update your cover each year you must remember to advise your insurer during the insurance period if any significant changes occur. The following list represents the more common changes businesses forget to advise their insurer about when they happen. It is not an exhaustive list. Our concern is most potentially leave the business uninsured or underinsured which can be a big problem if a claim happens.

It is important to remember that your insurance policy is covering your business for the specific information detailed in the policy schedule. If any of this information changes during the insurance period and you don’t notify your insurer then you leave yourself open to uninsured losses. If in doubt, call us and we can advise whether your insurer needs to be notified.