10.04.24

Insurance review and the tax year

Why it’s important to reassess your insurance coverage alongside the tax year

As the new tax year unfolds, it brings with it a prime opportunity to re-evaluate your insurance coverage. Your tax return documentations serve as a window into your business’s financial health, offering invaluable insights into its overall well-being. At Cox Mahon, a specialist, independent insurance broker, we understand the significance of this correlation. By methodically examining your revenue streams, assets, and liabilities, we can accurately gauge your insurance needs, ensuring that your coverage remains in sync with your current financial standing. The start of a new tax year is the ideal time for you to review your insurance requirements.

Over the course of the previous year, has your business experienced growth or undergone significant changes in revenue or operations? Such shifts necessitate adjustments to your insurance policies to effectively protect your evolving assets. Whether it be the expansion of operations or the acquisition of new plant or equipment, adapting your insurance coverage accordingly is paramount.

The onset of the tax season often prompts a heightened sense of financial vulnerability. By synchronising your insurance review with your tax filings, Cox Mahon can pinpoint potential gaps or risks that might directly impact your bottom line. Your tax returns offer more than just financial data; they serve as a roadmap for informed decision-making. Insights derived from this data enable us to tailor an insurance policy that aligns seamlessly with your business objectives.

Our commitment is to ensure that your insurance coverage evolves alongside your business, positioning you for sustained success. Contact our friendly and experienced commercial team today for a comprehensive policy review.

Taking proactive steps now lays the foundation for a more secure and stable tomorrow.

Article contributed by Harrison Law, Cert CII, Head of Commercial & Private Clients, Cox Mahon