You MUST inform insurers if there are any changes to your business such as, but not limited to:-
- Converting to a Limited Company
- Taking on more subbies/staff
- Increases to your projected turnover
If you switched from driving a Ford Fiesta to a new Mercedes and it was stolen, you probably would not be covered if you had not informed your insurer of the change. Business insurance works in the same way
If you start off as a sole trader with one subbie and then halfway through the year you change to a limited company with 8 employees, you are not going to be covered unless you have informed the insurer.
Now, before everybody jumps on the band wagon and condemns me – ‘insurance people will do anything not to pay out’- I would like to point out that letting insurers know exactly what they are covering is fundamental to the insurance contract.
After all, if you changed your car, I am sure you would have informed your insurer, simply because you want to be covered correctly.
Likewise, you MUST inform your business insurers of any changes, otherwise you may not be covered.
If you are insured with us and anything has changed then please call us on 01732 373864 ASAP.