Increase your Cover when you Expand Premises
If you’re lucky enough to be able to start planning for an extension to your warehouse, or to build a new office block or extra facilities on site, then you should contact your insurer as soon as the plans are in place and before the first foundations have been laid. You may well have had your current warehouse insurance policy for a number of years, without the need to amend or add extra cover to it. However, a new building on your premises will probably call for greater cover, especially if you are installing extra equipment or valuable machinery and are looking to expand your business overall.
If you insure your business with a specialist provider, they will be able to talk you though any additions you need on your current policy. It might be that your business will still be covered to the same amount, and that your policy has some flexibility with regards to the assets of the company. But you should never assume this: always take the time to discuss any changes to your business with your insurer. If you have used the same insurer for a number of years this might also be a good opportunity to make sure you’re getting the best deal. Cover changes frequently and you might find that another company can provide more cover for the same price, or even extra cover with greater benefits to your business, as you expand.
A specialist warehouse insurance provider will be used to the particular requirements of this area of business and you might find that it makes financial sense to buy a bespoke policy that covers all your insurance requirements. Warehousing risks are different to risks posed by other businesses and you need to make sure that these are addressed by your policy. If your stock and the goods that pass through the warehouse on a daily basis are not fully insured then this could have serious financial repercussions for you and your business. It might be that the value of the stock is in constant fluctuation with deliveries coming and going and stock being moved on a daily basis. Therefore the value will increase and decrease constantly. This is just one aspect of warehouse insurance that a specialist company will address, along with 24 hour claims lines to match the working hours of the warehouse and cover to protect you against dishonest employees.
It’s difficult to keep a business on track, so don’t let yours suffer for the sake of your insurance policy. If you’re planning expansion or any other changes to your business, call your insurance provider to check up on your policy. It will only take a couple of minutes to update your details and then you have the peace of mind of knowing that the changes you’re making are covered from the outset. You should leave nothing to chance in business, especially in times of recession, so don’t take any chances with your venture – expand your insurance cover when you expand your premises.