By Callum Errington
BHIB Insurance Brokers
IN an ever changing economy, it’s sometimes necessary for a business to expand or relocate to match the requirements of their business.
Whether your business is expanding its existing base, or relocating to new premises, insurance is often the one of the last things that is on the to-do list, however it is essential that during this period of change, your business is protected, and that the insurance is arranged on the correct basis.
Whether you own the premises or not, your insurer will need to amend your policy to include your new premises. With any premises move, there may be a period of overlap, when you occupy both premises temporarily. Your insurance policy should therefore have the ability to ‘float’ your insurance cover over both locations temporarily, providing protection of your business, until the move is complete. As a result of the relocation, there will often be new equipment and it’s essential that your insurance is adjusted to avoid any underinsurance.
Additionally, your new premises will likely have different security arrangements to your previous premises including, a different type of entrance, a different type of lock and potentially a different type of alarm. It is essential that your insurer is aware of the new security, as any failure to disclose this information could cause problems in the event of a claim.
If you are expanding your premises the same rationale applies. It’s likely that you will have increased amounts of equipment including desks, computers, racking and machinery, as well as potentially increased values of stock. It is essential that your insurance policy covers you for the correct values, as if you are underinsured it will have implications on the amount for which you are able to claim.
Expanding your business is an exciting time and should be celebrated. It’s also a time where there is a lot to do. Insurance should be high on the list of priorities as it provides valuable protection to your business in the worst case scenario.
An experienced and knowledgeable insurance broker can work hand-in-hand with you, your architect, solicitor or property agent to ensure that your business is properly protected by the relevant insurance.