Maintaining your business insurance cover over the festive period

The Christmas period represents a whole host of opportunities for increased sales. The mixture of people shopping for gifts or merely treating themselves means the festivities can bring the added bonus of more customers and inflated profits.

However, have you considered how all these positives could affect your business insurance over Christmas? If the answer is no, here are a few key things to look out for and keep in mind:

Keep your insured sums up to date

Business owners will have many different things to worry about and stakeholders to satisfy over the holiday season. Whilst sales and customer interest will be key, making sure your business consistently informs its insurer about exactly what needs to be covered is crucial.

For example, if your business is gathering more stock on premises in expectation of the Christmas rush, your insurer needs to know. In the event that your business was the victim of theft, any stolen items outside of what was first outlined in your policy would not be covered.

Your business property insurance should be kept up to date to avoid any instances of a badly timed theft or other external factor leaving you out of pocket.

Make sure your covered for liabilities

The holiday season presents many instances in which only the best business liability insurance will do.

If you have a storefront, chances are you'll see an increase in foot traffic. This could mean that there's even more potential for someone to have an accident on your premises. Furthermore, if you're taking on a whole new range of product lines or introducing a number of services, these need to be covered too.

If you don't update your businesses liability insurance, you could find yourself in a whole host of trouble if an incident were to occur. Not only would your insurer not pay out, but your reputation and chances of repeat business may be diminished if word begins to spread about any negligence.