5 significant milestones when you may need to review your business insurance

A team of colleagues jump up from their desk celebrating an achievement.

As a business owner, there are many significant milestones to celebrate, from winning your first client to hitting a big revenue target.

Some milestones mark the start of a new chapter in your business. As the organisation evolves and changes, it can become exposed to new or greater risks.

That’s why it’s vital to review your business insurance regularly, and especially after key milestones that mark the beginning of a new chapter of growth.

Read on to learn about five milestones when it is particularly important to check that your business insurance is still adequately protecting you.

1. Hiring your first employee

Hiring your first employee is undoubtedly a significant step. Bringing a second pair of hands on board can be a great way to free up more of your time to work on the things you love doing, but it can also bring some challenges, too.

In the worst-case scenario, an employee could be injured or fall ill as a result of their work and could launch a legal case against the business for negligence. For example, perhaps they become injured after tripping on a loose floorboard or as a result of using faulty machinery.

If this happens, employer’s liability insurance can cover the cost of your legal fees. In fact, from the day you hire your first employee, including certain types of contractors and apprentices, employer’s liability insurance is a legal requirement.

So, take the time to ensure this vital piece of insurance is in place so that you can relax and enjoy welcoming your very first team member.

2. Upgrading your equipment

As your business grows, it’s likely that you’ll reach the stage of wanting to upgrade your equipment so that you can continue to offer the highest quality service to your clients.

Depending on how specialised the equipment is, each individual piece of kit could be extremely valuable, both financially and in enabling you to provide your services to clients.

So, what might the impact be on your business if any of your equipment were to break or be lost or stolen? As well as needing to pay for a replacement or repair, you could potentially experience a loss of income while the equipment is out of action.

An equipment insurance policy can help to cover the cost of these eventualities. Be sure to review the policy each time you invest in new equipment so that all of your most important pieces of equipment are protected.

3. Growing your team

After you’ve hired your first team member, your business could soon grow large enough to require an entire team.

At this point, it’s prudent to check in with your broker and review your employer’s liability insurance. This is because having more employees increases the risk your business is exposed to. Reasons include:

A growing team can also prompt a review of your professional indemnity insurance, as business size and turnover can affect the level of cover required and the premiums you’ll pay.

This policy (sometimes known as “errors and omissions insurance”) can help to cover the cost of legal fees if a client believes they have suffered a loss of income as a result of negligence on your part.

4. Moving to a larger office

As your team grows, you’ll likely need to find a larger space in which to work. The place where your team works can play a significant role in the way your business functions. As such, you may need to review and update a number of insurance policies when you move offices.

Policies that may require updating include:

5. Putting a remote working policy in place

Remote or hybrid working has become common practice for many businesses and can also be an attractive benefit to offer for recruitment. When implementing a remote working policy, you may face additional risks. These include:

As such, cyber and contents insurance can be affected. An insurance broker can help you to ensure that you are adequately protected if the worst were to happen while employees are working remotely.

A bespoke insurance package is vital for protecting your business through these milestones

As you can see, your unique circumstances will dictate the most appropriate cover for your business. This means that a bespoke insurance package is a sensible way to ensure you are protected against the risks that your business faces.

Here at Eggar Forrester, we help businesses in the creative sector to protect their business so that they can get on with doing the things they’re best at. We’ll assess the most suitable products for you and provide a quote that’s tailored to you.

Email or use our contact form to request a callback from our team.

Posted: November 14, 2023 | Categories: News

Sign up to our newsletter

Our monthly newsletter gives you valuable insights that you can’t get anywhere else. Complete the form below to sign up. Of course, we guarantee never to pass your details to a third party and you can unsubscribe at any time.

    Privacy Please check this box to confirm you have read our privacy policy


    Start the conversation:

    Call: 0207 382 7710


    Alternatively use our Contact Form and we’ll call you back.


    Or email us directly:


    Available Mon-Fri, 9am to 5.30pm, excluding bank holidays.