In our latest article for Nursery Management Today, we outline what you really should be telling your insurer.
You might forget your keys, what you went to the kitchen for or even your wedding anniversary. However, when it comes to your business, there are some things you might forget to tell your insurer which could lead to serious implications.
1) You’ve altered your company structure
Changed from a ‘Trading as’ to a ‘Limited’ company or due to an acquisition added a group company? Let your insurer know. This goes for any changes to how your business is set up, such as new directors coming on board or if someone else needs putting on the policy.
2) There’s been a change in building ownership
Has your landlord changed? Have you bought a property you’ve previously been leasing or have you sold your premises but continue to be a tenant? Either way, inform your insurer because if the premises became damaged and the nursery closed for repair, it must be clear who’ll cover the costs and Loss of Revenue.
3) You’ve upgraded some equipment
Invested in new outdoor equipment? Bought new computers? Then these need adding to your policy. Leased items like photocopiers can be insured too. This can ensure you do not pay double as many lease companies will automatically insure equipment until they have confirmation from the insurers that they are protected.
4) You’re extending
Planning an extension? This can be a real minefield with issues such as Health & Safety regulations and in particular Construction Design Management rules and regulations. It is vital you seek expert advice before you start work to ensure you are correctly insured and that you are compliant at all times.
5) There’s been an incident
If something has happened that could lead to a claim by either a child’s parents or an employee, make sure you let your insurer know, just as you’d inform Ofsted or RIDDOR. Please also tell your insurer, so that they can help you to gather evidence to help defend any claims, while the incident is fresh in everyone’s minds. Your insurance advisor can help you manage safeguarding allegations against members of your staff to ensure the business is protected which can even involve dealing with the unwanted press.
6) Your numbers have changed
Always tell your insurer if the number of children in your care increases or decreases. Whether you’ve started running a holiday club or you’ve decided to reduce the places you offer, it may affect your policy and cover.
7) You’ve upgraded your security
If you’ve invested in a new alarm, added window bars, installed shutters or upgraded your security in any way, pass on the news to your insurer. This is particularly important if it is as a consequence of an incident as it demonstrates the quality of your management in reducing the risks of reoccurrence of a similar incident.
And last but not least…
8) You’ve sold the business
It might seem obvious, but we’ve known of nurseries being sold and the seller forgetting to tell their insurer. So if you’re no longer the owner, let your insurance advisor know.