These are the situations in which you should get in touch with your insurance broker

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It’s a common assumption that as a business owner, you only need to contact your insurance broker when you need to renew your policy or make a claim. The reality is however, there are many things that can change in your operations that your insurance broker needs to be made aware of. Regularly keeping in touch with your broker can help to make sure you’re not left with any gaps in cover, and are also getting the most value out of your broker’s service.

Here are some of the instances where you will need to contact your broker to ensure your insurance is up to date and correctly reflects your business’s current situation. 

You experience a complaint which may lead to a claim

This is one of the most important scenarios where you should promptly contact your broker. If your business is involved in providing a service or advice, and a client hints that your advice caused them financial loss or damage, it could be the first sign of a Professional Indemnity Insurance (PI) claim. Even if you feel their dissatisfaction is minor, or that their allegation has no basis, a conversation with your broker can help make sure you’re being honest and transparent and will have minimal issues if you do need to make a claim. 

You expand your workforce

Expanding your workforce is an exciting time for your business but it also means there’s some homework on your part. Whether you’re engaging someone as a sub contractor, or employing a permanent employee, you should contact your insurance broker to have a discussion about the changes to your risk profile and what steps you might need to take.

It’s easy to assume that your sub contractors’ actions are covered under your insurances automatically, but this may not be the case. Without the appropriate cover in place, if a sub contractor you engage does make a mistake in their work or advice they undertake on your behalf, or are held responsible for bodily injury to someone, your business could be left with the financial burden of a lawsuit. Upon contacting your broker, you will be advised whether you have cover under your policy for the actions of your subcontractor and also whether there is cover for the sub contractor’s own liability, or if they need to take out their own insurance.