7 tips on renewing your business insurance this year
- Contact your broker earlier – at least 12 weeks before the renewal date - and find out how the prevailing market is affecting the price of your insurances.
- Ask specifically to be advised about cover for: business Interruption risks and coverage (especially the convention used to calculate the sum insured). Cyber (electronic/computer loss and liability) risks and coverage the effects of the application of Average on underinsured property.
- Ask about each insurance company's security rating.
- Find out about the insurance company's reputation for avoiding/paying claims.
- Find out the claims trends in your trade/industry/commerce/ profession/sector.
- Ask whether the broker provides a full claims support service (and what it comprises)
- Find out what your broker expects to be able to offer you in comparison to the expiring policy. Is it better/worse, the same? And WHY.
Always use a broker where there is an option to do so. At a time when disputes about insurance cover are increasing you should benefit from the experienced advice of a competent broker. You will not have the same bargaining power with a direct or online insurer.
Search for brokers on British Insurance Brokers' Association website