Business insurance isn’t a once-off purchase, it needs an annual review against six specific triggers: cyber risk, regulatory change, extreme weather, changes to the business itself, new insurance products, and staff movements. Skipping the review is how businesses end up discovering a gap only after a claim is denied.
Why does cyber risk need its own line item on the policy?
“Cyber incidents continue to be a major risk for businesses, especially in the SME sector,” says Malesela Maupa, Head of Product and Insurer Relationships at FNB Insurance Brokers. SMEs are increasingly dependent on technology for both internal operations and customer data, which makes them a growing target for fraud. Talk to your insurer or broker specifically about whether your existing cover includes cyber risk, many older policies don’t, and confirm what data security protocols they expect you to have in place as a condition of cover.
How do regulatory changes affect an existing insurance policy?
New or amended regulations can create fines and penalties for non-compliance that weren’t a risk when the policy was first written. Reviewing your policy annually against the current regulatory landscape, not just against last year’s risks, is how a business avoids discovering a compliance gap only after being fined for it.
Does an SME really need cover for extreme weather and natural catastrophes?
Yes, and the risk has been growing. Increasingly frequent and severe extreme weather events can cause direct property damage as well as indirect losses (stock damage, business interruption) that a standard policy may not fully cover. Confirming the specifics of your business-interruption and property cover, rather than assuming a general policy handles it, is worth the conversation with your broker.
What business changes should trigger an insurance review?
Moving to a new location, buying new premises, or expanding into a new business activity all change your actual risk profile, and a policy written for the old version of the business may leave real gaps in the new one, a point covered in more depth in our guide on updating cover as your business changes. Update your cover at the point the business changes, not at the next renewal date months later.
Should you check for new insurance products even if your current cover feels adequate?
Maupa’s advice is to stay in regular contact with your broker specifically because insurers keep introducing new or enhanced products. A product that didn’t exist or wasn’t cost-effective when you first took out cover might now offer better protection or better value for the same risk.
Why do employee movements matter for insurance, not just HR?
When directors or senior staff leave or join, cover tied to specific individuals, such as Key Person Insurance or Directors & Officers Liability insurance, needs updating to reflect who’s actually in those roles now. This type of cover depends directly on the role and contribution of the specific person, so an outdated policy can leave a real gap exactly where the business is most exposed.
What about protests, strikes and civil unrest?
South Africa has a dedicated insurer for exactly this: the South African Special Risks Insurance Association (SASRIA), which covers individuals and businesses against civil commotion, public disorder, strikes, riots and terrorism at relatively affordable premiums. This is worth confirming specifically rather than assuming it’s bundled into a standard business policy, since special risks cover is typically a separate product.
Frequently asked questions
How often should a business review its insurance policy?
At least once a year, and immediately after any major business change (new premises, new activity, senior staff changes), rather than only at the standard renewal date.
Does standard business insurance cover cyber incidents?
Not always, particularly on older policies. Confirm explicitly with your insurer whether cyber risk is included or needs to be added separately.
What does SASRIA cover that a normal policy doesn’t?
Special risks like civil commotion, public disorder, strikes, riots and terrorism, which are typically excluded from standard business insurance and need to be purchased as a separate SASRIA policy.
If nothing has changed in my business this year, do I still need to review my policy?
Yes. Regulatory changes and new insurance products can affect your risk and your options even when nothing about your own business has changed.
Originally published in January 2019. Updated September 2026.
