It is important to review your current insurance cover to ensure it fulfills all of your business requirements.

Checklist

1. Complete a full risk assessment and review for your business as required by law.

2. Make sure you are covered for accidental loss or damage to critical machinery and equipement as well as fire and theft.

3. Calculate you anticipated gross profits for the next two years following a major disaster. Are they adequately covered?

4. Check whether you have the financial means to protect your legal rights.

5. Ensure you are fully protected if critical data stored on computers is lost or corrupted.

6. Ensure the legal liabilities of the business and directors are properly insured to prevent personal loss?

7. Establish a risk management programme for your motor fleet to help you eliminate motor claims and reduce your operating costs.

8. Find out whether portable tools and equipment are fully covered whilst employees are away from the premises.

9. Make sure you are properly covered to provide financial assistance in the event of injury, illness or death of a key employee.

10. Confirm whether you are fully insured against a loss due to the insolvency of, or a protracted default of payment from key suppliers or customers.

Do’s and Don’ts:

Do:

Consider all types of risks when applying for cover.

Ensure 24 hour access if possible to expert legal assistance.

Provide a risk management programme for all key areas of your business

Don’t:

Be complacent and ignore the importance of obtaining adequate cover.

Underestimate the value of items to save costs at the time. It could cost you much more in the future.

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Information supplied by Business Insight
Central Library, Chamberlain Square, Birmingham. B3 3HQ
Tel: 0121 303 4531 Email: business.library@birmingham.gov.uk
www. birmingham.gov.uk/businessinsight
www.bestforbusiness.com
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