5 steps you should know when reviewing your insurance for 2024

April 2, 2024

It’s a new year and a fresh slate for everyone, and nothing beats getting started on the right foot. Business will soon start to pick up and you’ll find yourself back in the swing of things, so why not take this opportunity to comb through your business insurance to ensure that it’s still appropriate to your current business needs?

If it’s been almost 12 months since you signed up for a policy, then you will soon be receiving a renewal notice from your insurer. Unfortunately, a lot of business owners only give the renewal notice a quick glance before signing off, not taking into consideration if the cover still applies to them. By doing this, you’re putting yourself at risk of being underinsured or in a cocktail of policies that are no longer suitable for you because of the changes your business has undergone over the past year. In the current hard market situation where premiums and excesses are high and insurers are tightening their belts, it is especially important to review all your policies to prepare for when you actually need it.

We’re going to cover the steps on how to review and renew your business insurance, so that you’re properly set up for the year ahead.

Work with a qualified broker

A detailed review of your current business needs will take a considerable amount of time especially if you’ve made some changes within the last year. Your broker is not only the middle person between you and the insurer, he or she is also the key to identifying insurable risks so that you can obtain the most optimal cover for your industry at best possible premium costs.It is important that you keep in touch regularly to update them on any changes, plans, or incidents so that they can advise you on the claims process and next steps. If there are any major changes, your insurer will also need to be notified (a little something called Duty of Disclosure). If you’re already working with a broker, they will be able to communicate these changes to your insurer for you. 

Get a head start

No one likes a late notice, and this goes for renewals too. If there are changes to be made, this would involve a number of documents to complete, and your broker would need some time to discuss these changes with the underwriter. Starting the review with only days to spare only allows for surface level skimming where important points are missed, and decisions are made in haste.To ensure you get the best outcome possible, you need to talk to your broker at least four to six weeks before your renewal. The more time they have, the better it will be to thoroughly review your application, submit additional information, and negotiate a better deal for you. 

Document all changes to your business, big or small 

To know the kinds of revisions or updates to implement in your policy, your broker will need to know how your business has changed over the past twelve months. For example, have you purchased or sold major assets or equipment? Have you moved into a new premise? Have you hired more employees? Have you implemented a hybrid working arrangement for your staff? The answers to these questions and many more serve as a good guide as to whether your cover needs updating, or if the premium is likely to increase or decrease. 

Document your risk management processes 

Another important step to help put you in a good light is to provide the insurers with documentation detailing how you mitigate the risks typical of your industry and your own business. Your insurance broker will be able to help you with this once every year or two. Basically, the more you can show the underwriters that you are taking careful considerations about managing your risks, the likelier you are to secure a better deal. Like we said before, the current hard insurance market makes insurers pickier about who they choose to underwrite, so the better the risk management, the less likely there will be claims. 

Know your options

Your broker will come back to you with a list of insurers and policy coverage, which can vary from business to business. Your broker will only present options with good quality coverage and that are appropriate to what your business needs. There can be a fair bit to consider, especially with so many variables to compare, but your broker is there to help you make the best decision for your circumstance.If you’re not already working with a broker, then it’s time we get you connected! We can help simplify a complicated process and work closely with you to find the optimal insurance cover for your business. Get in touch with us today using the contact bar below: 

At East West Insurance Brokers we have nearly four decades of experience and work with clients on all sides of the hospitality industry, all around Queensland. Our friendly and knowledgeable Insurance Advisors are here to help. Get in touch today.

1800 809 132  | hello@ewib.com.au | www.ewib.com.au

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