Spring is a time for fresh starts and new beginnings, and it provides small businesses with the opportunity to reset and refocus.   A spokesman for insurance experts Everywhen comments: “As we enter the season of growth and renewal, it is a good moment for businesses to look at a few important areas that merit being reviewed and updated.”

This spring, it’s worth reviewing current insurance cover levels to check that they are still right for your business activities in the new season. For many SMEs, stock and equipment usage changes throughout the year, and it is important that your policy reflects this. While some policies account for stock fluctuations, not all of them do, and this is a detail that is often overlooked in standard business cover.

It is also worth reviewing business interruption cover at the same time, as it is easy to underestimate how long it would take for a business to get back on its feet after a major loss. In fact, in a recent study by RiskSTOP, business interruption was identified as one of the most disruptive exposures for any business. While many policies offer 12 months as standard, this is rarely enough time for a business to fully recover.

Check vehicles and equipment

 Another important consideration is the vehicles that are in use as part of your business. Has the fleet grown recently? Or are vehicles being used in a different way, as the season changes? Now is a good time to check that all the vehicles are correctly listed on the company’s policy, that the right people are named to drive them, and that the values and mileage are still accurate. This also applies to any tools, machinery or specialist equipment that your company may be working with.

Insurance companies can arrange fleet insurance which protects all your commercial vehicles under one policy. This can save time and reduce paperwork.  This is especially helpful as businesses grow because vehicles can be added whenever needed. 

Review staff needs and wellbeing

 Finally, spring is a good time to check in on the people working in your business. Workloads often shift at this time of year, so it is worth making sure that the team has what they need to feel supported and able to do their best work. That could mean reviewing rotas, planning ahead for holidays or encouraging development opportunities.

It’s also worth considering whether your employee benefits are still providing the support your team values most. Many SMEs use benefits to help with retention, but they can also meaningfully improve day to day wellbeing, from protecting incomes to helping people manage their health. Reviewing this shows your team that their wellbeing matters to their employer.