Tips on how to keep your insurance up to date

Running an independent business can feel a little bit like spinning plates at times with so much to do, you probably have an endless list of tasks.

  • Make sure you have enough stock to sell
  • Ensure the service you deliver is to a high standard
  • Make every customer interaction the best it can be
  • Increase footfall or interest in your business
  • Work with your employees to help them feel empowered and content within their role
  • Keep all bills up to date, suppliers are paid, and all paperwork is in the correct order
  • And keep yourself mentally and physically fit, ensuring that you are not overworked, and you can still maintain a living.

Phew! With all that going on you could be forgiven if a few things slipped through the net but forgetting your insurance could be problematic, so it is important to make sure your cover is always up to date. The Retail Mutual covers thousands of different high street businesses. We have seen first-hand the devastation caused by fires, thefts and break-ins and understand the consequences of not keeping your cover up to date. The financial impact on your business and the mental strain on you as a business owner can be enormous.

Fear not, we are here to share with you a few handy tips to make sure everything is up to date.

Plan for the worst

When you are looking to buy insurance or update your cover, consider the worst-case scenarios. By thinking about what could go wrong within your business if something were to happen, you can make sure that you have the right type of cover in place. One way to do this is to carry out a risk assessment. Risk assessments are good practice and will flag up potential incidents that could occur on your premises.

Read your cover documents

Yes, we know. Your cover documents are big and boring and in the midst of a busy day, reading them could feel like dealing with War and Peace! But it is vital to read your documents thoroughly to make sure everything is correct.

We have tried to make our documentation as accessible as possible, so pop the kettle on, find somewhere quiet and take a read from start to finish. This is the best way to check exactly what is covered and make sure you have everything in place should something go wrong. You might thank us in the end.

Make sure your contact information is correct

Are your phone number, email address and business address up to date? To help the environment and reduce our carbon footprint documents are normally sent out via email which can be downloaded and read. An email reminder is also sent to remind you about your upcoming renewal date. Your cover will automatically be renewed unless you tell us otherwise to ensure your business is still protected. It is important to keep your details up to date as we do send important information from time to time.

Update us when things change

It is easy to forget about your insurance, it just sits quietly in the background, ready to step in when you need it most. But if things change and we are not informed, it could potentially affect your cover and in extreme cases render it void. For example, suppose you increase your stock levels or expand your business. In that case, you may need to increase your cover limits, or if there are any changes in your company ownership this may affect your cover, so always let us know of any changes.

Are we speaking to the named cover holder?

If your business is a partnership or is run by multiple people, such as a community business, it may be advisable to have more than one person on the cover.

When it comes to making changes to the cover, we can only speak to the person or persons whose name is on the cover. This is a legal and regulatory requirement.

If the named cover holder is leaving the business, they will need to tell us directly who the new named cover holder will be. If in the circumstances they have left and failed to let us know, we may not be able to make any changes to the cover. In this instance, we would ask for evidence to be provided that the individual has moved on before we would be able to make any changes.

If this can’t be provided, we would need to cancel the existing cover and set a new one up in your name.

In the sad event that a named cover holder passes away, there are things we can do to help transition the cover to another person without the need to cancel it.

Don’t leave it to the last minute and don’t rush it

Time flies and before you know it, it’ll be time to renew your cover. Do take the time to double-check everything and make any necessary updates before your renewal date has passed.

At The Retail Mutual, we know having the right type of insurance doesn’t just provide protection and peace of mind, but is vital for a successful business. Founded on extensive knowledge and years of experience of protecting independent retailers, we provide an alternative to insurance for thousands of small and medium-sized businesses on our high streets. By combining different cover options and flexible limits, The Retail Mutual has created an adaptable cover solution that helps safeguard, secure and support high street businesses when they need it most. Why not give us a call on 0333 2121 280 and speak to one of our friendly team to find out what we can do for you, or start your quote online.

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Sales0333 2121 280
Service0333 2121 006
8.30am to 5.30pm, Monday – Friday
Closed Weekends and Bank Holidays


Claims0333 2121 008
9.00am to 5.30pm, Monday – Thursday
9.00am to 5.00pm, Friday
Out of hours 01424 850 333
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