Have You Still Got The Best Possible Cover? Review > Renew
Updated: Oct 4, 2021
It's a Friday afternoon, you've got a ton of items left on your "to do" list, and you're running out of energy to be productive today. You scroll down and see; "Business Insurance Renewal". It's been sitting there for the past 2 weeks but always seems to get pushed to the bottom of the priority list.
We get it, business insurance renewal isn't the most exciting task. Most business owners probably feel the same way. Which is why most of them just give the renewal notice a brief glance, not really paying attention and ultimately failing to check if you've still got the best possible cover. This can lead business owners to have the wrong mix of insurances - or even worse, it can lead them to be underinsured when crisis strikes.
As your business grows, pivots and changes, its important to keep on top of your insurance plans and make sure you're still covered with the best plans and the best rates. A few weeks of work and vigilance could save you the hassle, money and even the heart ache, if anything were to ever go wrong. There is a way to make this process easier and quicker for you by having all the information, resources and advice in one place. This is in the form of an insurance broker. Brokers can quickly assist you to identify key insurable risks, to make sure you can get the best possible premiums, costs and cover.
5 Tips For Your Next Insurance Renewal
1. Work Together With Your Insurance Broker
With a specialist by your side, the process of reviewing your insurance plan is easy and efficient. Brokers have detailed knowledge and insight into your industry. They can identify key business risks and the type of cover you require.
An important aspect of this relationship is that you can inform your broker regularly, advising them of any changes that have occurred or will occur in the future, as well as notifying them of any incidents that have already occurred. Based on this information, you can work with your broker to identify key risk factors within your business. When it comes time for a renewal, you can be sure that you are well prepared and are proceeding with the best cover for you. It’s also required that your insurer is informed of any changes, along with information of any incidents or claims. This is known as the Duty Of Disclosure.
2. Start In Advance
Like most things, starting in advance is a full-proof way to ensure you feel prepared and confident when it comes to your insurance renewal. We recommend starting the process with your broker at least four to six weeks before the renewal is due. This also means there's enough room for the back and fourth that may need to occur between your broker and the insurer. It gives the underwriters enough time to create quotes, administer any relevant questionnaires or request information.
When reviews are made in haste, they are likely missing important points, potentially leaving someone under-insured or with inadequate cover. By giving yourself enough time you are more likely to avoid significant financial risk or loss.
3. Keep A Record Of All The Changes Made To Your Business
As times change, so does your business. It's important to inform your insurance broker of anything that's changed. Sometimes even the smaller changes can effect your insurance cover. It's always a good idea to discuss these with your broker. Some examples include; the purchase or selling of assets, employees working from home, moving premises or leasing new buildings, starting to export stock or using your home to store your stock (and much more).
4. Keep A Clear Record Of Your Risk Profile And Risk Management Processes
Documenting your risk profile and risk management processes can provide significant benefits for you in the long run. By demonstrating that you are managing your risks to the underwriters, you have a higher chance at securing a better deal. This is especially important in the current market as insurers can be very conservative in the risks they underwrite. Along with this, the obvious benefit is that, the better your risks are managed, the less likely you are to have to make claims. Remember, your insurance broker is there to help guide you through this process, as well as negotiate deals with the underwriters on your behalf.
5. Shop Around For The Best Deal
By going through an insurance review process, you are able to shop around and compare insurers and policy coverage. This way, you can be assured that you are still set with the best cover. There are a number of different variables to consider when making these comparisons, including; speed of settlements, premiums, excess payments, coverage and exclusions. We understand that comparing these variables can be complex and time consuming. The good thing about working with an insurance broker, is that they can take care of this lengthy process and it can prove to be a whole lot more efficient.
For help reviewing and renewing your business insurance policies, feel free to get into touch with the team at TIME Insurance!
We strongly recommend that you consider the suitability of this information, in respect of your own personal objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.