Businesses evolve over time — and your insurance should evolve with them.
New equipment gets purchased, teams grow, contracts change, and risk exposure shifts.
But insurance doesn’t always keep pace, which can lead to gaps that only become clear when it’s too late.
This simple checklist is designed to help you sense-check whether your cover still reflects how your business operates today.
1. Are Your Assets Properly Valued?
Start with the physical backbone of your business.
Are your vehicles insured at current market value (not book value)?
Have you purchased new plant or equipment this year?
Are all assets declared and correctly valued?
Outdated values are one of the most common issues — particularly as costs continue to shift.
2. Have You Updated Your Plant & Equipment Cover?
As your business grows, so does your reliance on machinery and equipment.
Consider:
Have all new purchases been added to your policy?
Would downtime impact your ability to operate?
Are replacement costs still accurate?
Even small oversights here can have a significant impact at claim time.
3. Does Your Liability Cover Reflect Your Current Work?
Liability risk often increases as a business grows.
Have you taken on larger or more complex contracts?
Are you working with new clients or industries?
Has your exposure to third parties increased?
If your business has changed, your liability cover should reflect that.
4. Are Your Key People Protected?
Many businesses rely heavily on a small number of individuals.
Ask yourself:
What would happen if a key person couldn’t work?
Could they be easily replaced?
What would the financial impact be?
If this raises questions, it may be worth reviewing your current cover.
5. Are You Supporting and Protecting Your Team?
Insurance can also play a role in your staff benefits strategy.
Do you offer any employer-supported cover (life, disability, health)?
Are your current benefits still competitive?
Could this support staff retention and wellbeing?
This is often an overlooked area but can add real value to your business.
6. Does Your Cover Align With Your Business Structure?
If you have multiple owners or shareholders, this is an important one.
Is there a plan in place if an owner exits unexpectedly?
Would remaining owners need to buy out a shareholding?
Are there loans or financial obligations to consider?
Without the right structure, this can create pressure at the wrong time.
7. When Was Your Last Review?
If you’re not sure when your insurance was last reviewed, that’s usually a sign it’s time.
As a general guide:
Review annually
Or whenever there’s a meaningful change in your business
A Quick Sense-Check
If you’ve answered “not sure” to any of the above, it’s worth taking a closer look.
Most gaps aren’t intentional — they’re simply the result of a business that’s changed over time.
How Carricks Can Help
At Carricks, we work with business owners to keep things straightforward and practical.
We can help you:
Review your current cover
Identify gaps or overlaps
Ensure your insurance reflects how your business operates today
If it’s been a while since your last review — or a few of these questions raised uncertainty — now is a good time to revisit your cover.
Let’s make sure everything is aligned before you need to rely on it.
