2025 small business insurance checklist

1. Document business changes

Changes in the way your business operates can affect the type and level of insurance you require.

Writing down what’s new or different over the past 12 months – perhaps you’ve launched new products or services, for example, or taken on additional staff? – will help you form an accurate picture of your current needs.

2. Review your current policies

Depending on the nature of your enterprise, you likely have a range of cover in place, including public and product liability insurance, property insurance, motor insurance and workers compensation insurance.

Examining the limits of your existing policies – the maximum payout you’ll be awarded if you make a successful claim – and any exclusions they carry will help you determine whether you have sufficient cover for the current size and scope of your business and its risk profile.

Making a diary note of your policy renewal dates will help you avoid lapses in coverage.

3. Assess your cyber risk

The threat posed by cyber-crime is real and rising and household name organisations are not the only ones being targeted by hackers and cyber-criminals.

Small businesses are squarely in their sights too.

Attacks can be disruptive and expensive – the average cost per crime report is now $49,600 – and without cyber cover, recovering from a significant incident can be challenging.

If your business stores sensitive customer data, it’s even more important to consider the benefits of having cyber protection in place in 2025.

4. Compare the market

Business insurance is part and parcel of operating professionally but in today’s challenging economic times, many business owners are looking for ways to contain their spend.

Comparing your options and shopping around may help you identify policies that will represent better value for money for your business when your current ones come up for renewal.

5. Consult your broker

Reviewing your requirements and ensuring you have the right type and level of cover in place isn’t always easy.

Enlisting the services of an experienced broker can save you time and trouble. They’ll be able to assess your needs, determine whether your current policies are commensurate with them and negotiate competitive premiums on your behalf for any additional cover you may require.

Having a broker on your team will provide you with peace of mind that your enterprise has the protection it needs to proceed with confidence in 2025.

Safeguarding your small business in 2025 and beyond

Reviewing your insurance cover regularly is the best way to ensure you have policies in place that are appropriate for your needs. If you’d like some help to do so, contact your NewSure broker today.

This article was first published by Steadfast Group.

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