Maintenance is something a tradie knows is invaluable. A good tradie would never ignore a leak, exposed wire or rotting wood, so why would your boots hit the soil after neglecting your business insurance?
Things change over time, and those pristine pipes you installed a while back might spring a leak down the line. But before that drip turns into a deluge, it’s wise to do some upkeep.
Guess what? Your business insurance needs a bit of TLC, too. Odds are, your work situation has evolved since you first got covered. But with everything else on your plate, it’s easy for insurance to slip your mind.
If not now, when?
So when should you check in on what type(s) of insurance you may need? Here are three times to consider giving your policies a check-up:
- When your situation shifts: Whether it’s adapting new tech, following fresh regulations, or offering new services, shifts in your business environment could mean your current coverage isn’t cutting it anymore.
- When you upgrade your gear: Your tools and equipment are the backbone of your trade. And as your business expands, you’ll likely invest in more gear. It may be smart to update your cover to ensure your tools of the trade are protected against mishaps.
- When your business grows: More revenue, more team members – as your business scales up, so might your risks. Make sure your insurance grows along with your business to steer clear of unwelcome surprises.
The bottom line? While you don’t need to sweat over your insurance every single day, it’s not a ‘set and forget’ deal either. If your circumstances change, your policies might need an update too.
Keep your cover current so you can relax knowing you’re covered if the unexpected strikes. And who knows?
After reviewing your insurance, you may end up saving some extra cash too!