‍The Premium Yarn - The One Insurance Blog that won't put you to sleep.

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Welcome to this month's edition of the Premium Yarn!

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G’day everyone,

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I was recently asked by a client, "When should I notify you about changes to my business?" Honestly, it's a great question. While some changes to your business only need to be considered once the policy is renewed, others are a bit more urgent.

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Changes to your business we need to know about

• Adding or discontinuing products
• Buying or leasing buildings or storage in new premises
• Importing or exporting to new markets
• Importing new materials or products
• Providing new or discontinuing services
• Purchasing or selling assets
• Selling part of the business, takeovers, or mergers
• Entering into a joint venture
• Significant changes to manufacturing processes
• Proposed installation of plant or key machinery
• Care, custody, or control of other people’s goods or stock, or changes in the type or value

Additionally, be aware of these external factors:

• Changes to legislation
• Weather, increased fire or weather dangers
• Pollution
• Increasing cyber risks
• Competition from neighbouring businesses

That's quite a list! Do tell us if you've had any of the above changes.

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‍What we do with this information

With the info you give us, we will complete a new risk assessment (all part of the service). Once everything has been re-evaluated, we can make an informed decision about your insurance cover. Is your current cover sufficient, does it need to be amended, or should a new cover be put in place? This is important because if your business changes but not your insurance, gaps in cover may develop, potentially leading to costly uninsured losses.

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Managing risk is a continuous thing

Your business will continually change, so it’s important to keep us informed. This way, we can work with you to ensure your policy and insurer are working for you as best as they can. Certain changes to your business can mean that your current insurer, who was once a great option, may no longer be the best fit. That is why having a broker on your side is key.

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It’s always coffee o’clock somewhere

Remember, our door is always open, and the only silly questions are the ones you don’t ask. If you want to discuss any of the above, give us a call and let’s grab a coffee.

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Joshua Rhind | General Manager

Caveo - powered by Velocity Financial

38 Vivian Street, Te Aro, Wellington

M: 027 384 6444

E: joshua@caveo.co.nz

W: www.caveo.co.nz

Read Caveo's disclosure here.

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‍Always get professional advice

The information shared in this post is meant to be general guide to support you on your journey. When making important decisions about your finances, we encourage you to seek independent financial advice first, tailored to your unique situation.  As well as talking with a financial adviser, make sure you talk to your lawyer and accountant too – together they'll help you find the best solution for your specific situation. Our knowledgeable financial advisers are here to help. Check out our website for the details about our financial advisory services in our disclosures  https://www.velocityfinancial.co.nz/disclosure-statement. 

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