If your business insurance renews in June, you may already know it can be a busy time for the insurance industry.
Many businesses choose June renewals because they align with the end of the financial year. However, this also means insurers are reviewing a high number of policies at the same time.
Moving your renewal away from this busy period may have some benefits, including:
1. More time for Insurers to assess your business
A quieter renewal period may give insurers more time to understand your business, assess your risks and consider the terms they can offer.
This can be especially helpful if your business has changed, your risks are more complex or your policy needs a more detailed review.
2. More opportunity for us to negotiate
Having more time can also give us greater opportunity to speak with underwriters, explore alternative markets and negotiate premiums and policy conditions on your behalf.
It allows us to thoroughly consider the options available and work with insurers to find the right solution for your business.
You May Be Able to Change Your Renewal Date
Many business owners with a June renewal assume they need to renew in June every year. In some cases, that’s not necessarily the case.
Depending on your insurer and policy, we may be able to arrange a one-off policy term of 8 to 16 months.
This could move your next renewal to a different time of year.
For example, if your policy currently renews in June, we may be able to extend the policy term so your next renewal falls later in the year, outside the industry’s peak renewal period.
Is It Worth Asking?
Changing your renewal date won’t suit every business.
We’ll look at your circumstances, see whether it’s an option and explain what may work best for you.
Planning ahead could give insurers more time to assess your business and give us more opportunity to negotiate the right cover and terms on your behalf.