Business insurance is usually bought in pieces, as each requirement appears — a landlord asks for one thing, a tender asks for another. The result is overlap in some places and gaps in others. It is worth mapping properly once.
Four questions
- What do we own that would hurt to lose? Premises, stock, machinery, vehicles, data.
- Who could we harm? Customers, visitors, employees, neighbours, the buyers of our product.
- What would stop us trading? Fire, a cyber incident, a key machine failing, a supplier collapsing.
- What are we contractually required to hold? Tenders, leases, client agreements, financing terms.
Mapping the answers to cover
| Exposure | Usual cover |
|---|---|
| Premises, stock, equipment | Commercial property / business package |
| Harm to customers and visitors | Third-party liability |
| Employee accidents | Employer liability + group personal accident |
| Product causing harm | Product liability |
| Vehicles | Fleet, or individual motor policies |
| Goods in transit | Marine cargo |
| Projects under construction | Contractors / erection all risk |
| Unpaid receivables | Trade credit |
| Director decisions | Directors and officers |
| Systems and data | Cyber |
The most common gap we find is between what a business does today and what its policies describe. Companies change faster than their insurance documents do.
How often to revisit
Annually at renewal, and immediately after any material change: a new location, a new activity, a significant new contract, a jump in headcount or stock value.