How can I make sure that my policy adequately covers my business and the appropriate assets?

One way to make sure you protect all your assets is to create a list of any business assets you would want to cover and check your policy for their inclusion. Make sure you have included cover for all your tools, fixtures and fittings, equipment, stock and any other important items. You may also need to inform the insurer if you purchase additional items during the cover period. Talk to your professional advisers if you are in any doubt.

How will my claim history affect me?

Typically before an insurance company furnishes you with a quote, it will look at all your previous claims including ones that were not paid. If you have had many claims in the last few years then the insurers are likely to increase your premium. However, please do not omit any past claims since future discovery may invalidate your insurance policy.

How do I adjust my insurance policy to reflect a new asset I just purchased?

You should contact your insurer or the insurance broker to discuss your new situation. In most cases, this is a straightforward process and you should make sure that the new policy documents issued to you cover the new additions correctly.

Last modified: 18/04/2003 21:03:11