Best Business Insurance Checklist for the New Year

get the best business insurance for 2021 to protect yourself

If you own a business which uses chemicals, you’re used to wearing a mask. Before COVID-19 could you imagine that people would be wearing masks just to buy groceries? The pandemic shows us we should plan for the unexpected. Which is why you need the best business insurance for the new year.

General liability and professional indemnity insurances are designed to protect you from so many unforeseen things that can happen in business… Jobsite accidents, unintentional property damage, professional negligence, accidental environmental impairment, theft of monies/fraudulent activity by an employee, loss of or damage to documents, and more. All of these could seriously harm your business’s financial status. And put your financial wellbeing at risk beyond that.

Make sure you’re well protected for 2021 by giving your business a health check right across all areas of operation, including insurance. When it comes to complaints from customers that result in them asking for payment of damages, prevention is so much better than trying to find a cure.

Best business insurance insights

COVID-19 changed the whole world quicker than any king, queen, president or prime minister has in world history. Two things to learn from this are: unexpected things do happen, and change is inevitable. What does that mean for your business?

It means two things: plan for the unexpected and plan for changes you foresee over the next year.

New Year’s resolutions

The beginning of a new year is obviously a good time to plan ahead if you haven’t already. New beginnings, a fresh start etc etc… Take advantage of January’s clean slate to take stock of any business changes that occurred in 2020 and work out what improvements your business needs over the next 12 months.

Changes will be a key part of your new year business strategy and they should include reviewing your business insurance. Do you still have the best business insurance cover for your business as it sits today? Do you have the right insurance endorsements for your 2021 business activities? Speak to your insurer ASAP to share these updates and ensure your cover is upgraded if necessary.

5 key changes to be mindful of

Other business changes/improvements to look closely at are:

  • New equipment – If you purchased new equipment – or plan to – will it be covered on your existing policy? You could benefit from insurance cover for your tools of trade.
  • Moving office – Have you relocated your office or plan to? Is your new neighbourhood lower risk or higher risk? Let your insurer know, you may need to update your property insurance cover for better protection.
  • Staff – Did you hire more staff this year, or did more staff leave? What’s happening with recruitment over the coming months? Consider training any new team members with any of our Rapid Training accredited programs. And if you’re a Rapid Solutions insurance client, you’ll enjoy a 10% discount off training fees.
  • Services – Have you expanded into offering COVID-19 related cleaning services or would you like to? Rapid now offers COVID-19 cleaning insurance and training.
  • Report writing – If you had issues with reporting paperwork last year or you want to increase your report writing efficiency consider downloading the free Rapid Inspect app. It enables you and your team to write professional, compliant reports on-the-go, while onsite. Save yourself time and stress by taking advantage of technology.

Successful change requires planning, preparation, strategy and actions. Start the new year with an eye on the past and use it to craft a sound plan for the future. 

The best business insurance strategy

Remember: build a safety mechanism into your business strategy by reviewing your business insurance policy for the new year. Add a reminder to your calendar to contact your insurer as soon as you can. Or, pick up the phone now.
A good insurer will be able to recommend the best business insurance to cover your property services entity for what it is today and what it will be tomorrow.

Best business insurance – over to you

With over 25 years in business, Rapid Solutions has expert first-hand experience in dealing with claims for all manner of property services activities. Have you had a claim in the past years that pops into your head as each new year dawns? Does it make you think more carefully about what improvements you’ll make in the following year? We’d like to hear all about it in the comments below so others can learn from your experience.