Business & risk · 2 min read

Business growth: when to review your insurance

Business growth changes more than revenue. It can alter the assets, commitments and dependencies that an insurance program needs to address.

Identify changes in your operations

List new locations, equipment, products, services and markets. Note changes in revenue, staffing and suppliers. An accurate account of how the business operates gives your advisor a better basis for a review.

Review new contractual commitments

Bring new leases, customer agreements and financing documents to the discussion. Ask your advisor to compare any insurance requirements with your existing arrangements. Refer questions about legal obligations to your legal advisor.

Assess critical dependencies

Consider whether growth has increased reliance on a particular location, machine, technology provider or customer. What would be required to continue operating if that dependency were disrupted?

Document the agreed actions

Record what you disclosed, the questions you raised and the next steps. Confirm the effective date of any policy change. A discussion alone does not change your coverage.

This guide is general information, not individual insurance advice. Policy wording and local requirements vary. Discuss your circumstances with a qualified advisor.