Getting ready to renew your business insurance?
If the time has come for you to renew your business insurance, you may have a few questions on how to prepare and proceed. Your current insurer or insurance broker will often send through a renewal report, and many businesses will just pay the invoice no questions asked. If you’re a business owner with a tendency to pay and forget, you could be at risk for gaps in your solution should anything have changed, or the opportunity to improve your risk management, or even the chance to save your company some cash. To improve your business insurance renewal process, check out the business insurance checklist questions we’ve prepared below!
What is your business insurance renewal process?
In most cases, your insurance company or broker will send through a renewal report and invoice for payment to be made. The better insurance brokers out there will take a different approach and will instead contact you beforehand to review your needs and to check if anything has altered.
Your broker might also request additional quotes from other insurance companies out there to see if anyone else can offer a better deal this time around. Once they’ve reviewed your needs and decided on the best option for your business, they will send out your renewal documents and invoice.
“When I switched to Allsure Insurance, it was so refreshing to actually receive a call from my insurance broker ahead of renewal to talk me through the process and check if anything has changed!” – Allsure client Sarah Jackson-Ambrose
When you receive the renewal information, you should take some time to comprehensively review your cover.
If and when you are satisfied that you understand the insurance solution and are confident that the coverage is the right fit for your company, then you should also check the pricing. Has it increased or decreased significantly versus last year’s renewal?
Your broker should be able to explain any change in pricing to you (such as the insurance market’s appetite for your type of risk, or any impact from claims you might have made).
Are you in a ‘set and forget’ mode when it comes to insurance?
Once you have your business insurance renewed, be sure to keep an eye on anything that might impact your cover. Businesses are constantly changing and growing, so you’ll need to have an insurance cover that keeps up – don’t just assume you’re covered. The cost and value of your business and its assets may change, which can cause your insurance premiums to change. If you’re not sure, it’s better to just check in with your insurance broker or insurer to make sure you’ve upheld your duty of disclosure and that you’re not leaving yourself underinsured (or indeed, uninsured) should anything go wrong.
Allsure Insurance Director Melissa Donaldson-Hey says “Some people think insurance is rigid and you can’t do anything until renewal, but this is a myth. Insurance is fluid – we can adjust things when you need, just let us know!”
Talk to an expert
If you’re still unsure of the renewal process or are looking for an insurance broker to help manage the process for you (and translate all the small print!) contact one of our experts today. We can assist with any of your insurance questions and provide you with a free quote.