Is your business insured for growth? The changing insurance needs of a growing business.

Business owners without adequate insurance coverage are taking a great risk. Smaller businesses – especially start-ups – work within the constraints of a very limited budget and often it is insurance that is excluded from the budget. This could lead to the financial ruin of a company in the event of the unthinkable happening.

As a business grows, so does its insurance needs. Since insurance policies are constantly changing along with insurance needs, it is important to do a regular review of your business insurance portfolio and update it accordingly. All businesses are not the same, and your cover will vary according to the services or products you offer.

These are a few must-have insurance covers for a growing business:

  • Theft

This is incredibly important and ranges from stock to office equipment.

  • Public liability cover

Every business, big or small, needs this to safeguard them against the massive financial strain injury or damage to a third party on the business premises can cause.

  • Fire, flood & storm

Guard your business against the elements to ensure that your business doesn’t go up in smoke and you are sitting up a creek!

  • Motor vehicle

This cover is important if your business relies on sales or the transportation of goods.

  • Debtors

Unpaid invoices can cripple any business. This cover is especially important if your business has its own creditors requiring prompt payment.

  • Business interruption

If catastrophe should befall your business, this will cover all operating costs including employee salaries until the business is up and running again.

  • E-mail and internet

Cyberspace has become the biggest headache for theft and loss in the modern age. Whether it’s stolen data, fraud or slander this cover will protect you against it.

As the business grows, the above-mentioned cover should to your growing needs, but larger companies need to look at the following:

  • Product liability

Developing new offerings may affect the type and amount of coverage your company needs.

  • Building Insurance

Moving from leased space to a company-owned facility may change the amount or type of property insurance your company needs.

  • Director’s Liability

Setting up a board of directors require cover against legal issues that may arise from alleged or actual misconduct by company directors.

  • Travel insurance

If the business has grown or branched out to such an extent that employees will have to frequently be travelling for work, it will be necessary to take out travel insurance.


If you have questions regarding business insurance or are unsure whether you have adequate business cover, please contact APBCO  here.