Whilst it is important that you declare your true estimated annual turnover for the period of the insurance, this is mainly used to calculate your premium.
If your turnover increases slightly:
Should, during your insurance policy period, your turnover increases slightly due to additional contracts obtained, then we don’t really need to be advised. All you need to do is declare your updated turnover when renewing your policy next year.
If your turnover increases dramatically:
Should your turnover increase dramatically during the policy period, it is always advisable to let us know about this. In these circumstances, your insurer may ask for an additional premium or they may simply take note of the new turnover and ask for it to be declared on renewal.
If you’re not sure about your increase in turnover:
Speak to us! If you’re unsure about what constitutes as a marginal increase, be sure to email us the details and we will inform insurers on your behalf and let you know their reply.
PLEASE NOTE THIS DOES NOT REPRESENT 'FINANCIAL ADVICE' AS EACH PERSON'S INDIVIDUAL REQUIREMENTS WILL BE UNIQUE TO THEIR SPECIFIC NEEDS.
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article