Without a doubt, businesses change over time – hiring new staff, moving or expansion of premises, exporting etc. And according to a recent report from Aviva (1), change and diversification is the way forward for small businesses in 2013. The report found that nearly twice as many (30%) diversified their business in the past six months to maintain business profitability compared to 17% during the same time in 2011. Almost one in four (23%) are planning to continue diversifying in the first six months of 2013 to keep their business healthy.
However, it is important to consider how this will affect your insurance and to check whether you are still appropriately covered.
1. Business description – It’s important to ensure your business description is accurate. Not mentioning a business activity could cause problems when making a claim
2. Make sure you read the small print – Not abiding by a warranty or condition could render a claim void even if the condition has nothing to do with the claim being made
3. Check whether your Health & Safety policy is up to date and reflects your changing business
4. If your business continuity plan was written a while ago or your business has grown or changed it may be worth checking your plan is still adequate
(1) Research conducted online by Redshift Research on behalf of Aviva, with 500 SME owners in December 2012