It's financial year-end, have you done your business insurance review?

With the new financial year, you likely have a ton of items on your to-do list (and assessing your business insurance is probably not one of them!)

But it should be, because your business has no doubt changed in the last year, which means your insurance need has changed too.

Take a look at our list of the 7 most common changes that could affect your business insurance:

1.    You've moved to a different location

Changing your geographical location can change your risk. The new building itself could bring with it different insurance challenges that you didn't previously have, or vice versa. Your insurer can help you assess your new building to ensure you remain fully covered under your policy.

2.    You've altered your existing building

Renovating your existing office space can also have an impact on your insurance cover. Improvements will also increase the cost of your building. Talk to your insurer to ensure your alterations haven't affected your profile in any way, and that your policy is updated to reflect the new building cost to avoid underinsurance.

3.    You've bought new equipment

Just like you update your home insurance to reflect new appliances or furniture you've bought for your family, so your business insurance must be updated to include the details of new equipment or machinery too. You must also increase the sum insured on your policy to include these new items.

4.    You're holding more stock on-site

The amount of stock you have will change during the year, but try to make as accurate an assessment as possible as to how much stock you carry at peak times. This must be updated in your policy to ensure complete stock replacement (of the most stock you might have at any given time) in the event of an accident.

5.    You have new vehicles or drivers

If you've added new vehicles to your company's fleet, these must be included in your policy. Don't forget to add the designated drivers as well, and any new security measures that have been added to your fleet.

6.    Your operational work model has changed

If you had staff working remotely during the pandemic and updated your insurance policy accordingly back then, check that your current work model is still covered. Changes from an entire remote working model to a hybrid model to a regular workplace model with all staff in the office all have insurance implications.

7.    You're experiencing revenue fluctuations

If you have significant increases or decreases in revenue, your business interruption insurance cover could be affected. If your sum insured is lower than your actual revenue, you won't receive as much compensation in the event that your business isn't able to operate.

It might feel like a slog when you have so much to do at this time of the year, but a quick check through this list and a call to your insurer could mean the difference between being covered and being uninsured when you need it most.