An end-of-year insurance checklist for your business assets
As the festive season approaches, businesses across earthmoving, heavy industries and trades face a pivotal moment.
Whether your operations are winding down for a well-deserved break or ramping up to meet demand, now is the perfect time to assess your insurance coverage and ensure you’re protected against seasonal risks.
Here’s why a proactive approach to your insurance policy can make all the difference.
- Adjusting for Seasonal Risks
The festive season often brings unique challenges. Reduced staffing, unpredictable weather, and increased theft risks can leave your business vulnerable. A quick review of your policy will help you confirm that your coverage aligns with these potential hazards. For example:
- Severe Weather: Storms and extreme heat can wreak havoc on equipment. Verify your policy includes protection against natural disasters.
- Idle Equipment: If machinery is left unattended for extended periods, ensure your policy covers damages, theft, or vandalism.
- Supply Chain Issues: Interruptions in parts or materials could delay repairs. Check if your business interruption coverage is adequate.
- Coverage for Ongoing Operations
If your business remains operational during the holidays, continuity is key. With fewer resources available, incidents like breakdowns or accidents can hit harder. The right insurance policy ensures that you’re not left stranded when you need support most. Consider these scenarios:
- Equipment Breakdowns: Will your policy cover urgent repairs or replacements?
- Accidents on the Job: Are you protected if a workplace incident occurs while your team is operating heavy machinery?
- Planning for 2025
The end of the year is an ideal time to evaluate your business needs and plan for the future. As you look ahead, ask yourself:
- Has your business grown or changed in 2024?
- Are you using new machinery or equipment?
- Have your projects expanded into new industries or locations?
If the answer to any of these is “yes,” your insurance policy may need adjustments to reflect your current operations. A quick review with an HMIS specialist can help you tailor your coverage and avoid underinsurance.
- Take Control Before the Break
With the busyness of December, it’s easy to overlook critical updates. By addressing your insurance now, you’ll enter the new year confident that your business is protected against the unexpected. It only takes a quick call or consultation to identify gaps or opportunities to optimize your policy.
Don’t Leave It to Chance
Whether you’re gearing up for a well-earned break or keeping operations in full swing, now is the time to give your insurance policy a health check. HMIS specialises in finding tailored solutions for businesses in the heavy machinery, earthmoving and civil industries. We’re here to help you navigate seasonal risks and plan for a strong year ahead.
Ready to review your policy? Contact HMIS today to ensure your business is prepared for anything this festive season throws your way.
Give us a call to find out more on 1800 629 701.