With the festive season fast approaching no doubt your minds will be on how you’re going to celebrate this year and what plans you will have with your friends and family. What you might not be thinking about is your business insurance!
Christmas is one of the busiest times of the year and many businesses, especially in the retail industry, will be holding more stock and taking on additional staff. In light of this, it’s very important that you check out your existing insurance policies to see how you’re covered over the Christmas season.
For example, will you have enough insurance cover to account for your additional stock? Some policies may have an element of seasonal cover built-in and allow for a certain amount of stock increase but it’s always worth checking your policy to make sure you are adequately covered and, if you’re not sure, speak to your insurer.
If you close your offices over the Christmas period for an extended period of time, it’s also worth checking the ‘unoccupancy’ condition in your policy to make sure it fits your needs. Burst water pipes is a typical problem that can happen with unoccupied premises, especially if it’s a particularly cold winter, so make sure that you have enough cover if something like this happens.
Another consideration, if you intend to take on additional staff over Christmas, is the necessity for Employers’ Liability insurance. Taking out Employers’ Liability insurance is a legal requirement, even if you’re only recruiting people on a temporary basis. If you’ve never employed anybody before this is something that you might not immediately think of so if you do intend to take on any temporary workers over Christmas, speak to your insurer and make sure that you’ve got enough cover.
Even if you already have staff and Employers’ Liability cover in place, we would advise you to speak to your insurer to make sure that you have enough cover for any additional staff you take on.
The unfortunate reality is that over Christmas there is likely to be an increase in shoplifting and break-ins, more accidental fires due to unattended candles or problems with fairy lights and an increase in accident & emergency visits. We’re not trying to put a dampener on things and the last thing we want is for any of this to happen but having peace of mind that you’re completely covered, if the worse happens, has got to be worth it.
If you need any extra insurance cover for Christmas or you’re unsure if your existing policy delivers what you need, please contact us now.