Media - 7 tips on renewing your business insurance this year
7 tips on renewing your business insurance this year
Here are some pointers to work through with your broker in 2011 to help you decide on the cost and scope of cover for your business:
1. 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.
2. 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.
3. Ask about each insurance company's Security Rating.
4. Find out about the insurance company's reputation for avoiding/paying claims.
5. Find out the claims trends in your trade/industry/commerce/profession/sector.
6. Ask whether the broker provides a full claims support service (and what it comprises)
7. Find out what your broker expects to be able to offer you in comparison to the expiring policy. 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: http://biba.org.uk/ConsumerHome.aspx
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