Here are some tips to help ensure a smooth and easy process when undertaking the annual insurance renewal process of your business policies.
The important point is to remember that our role as an insurance broker is to smooth the way for you and to mediate the process of helping you to get all the cover you need at the best value for money.
Accurate and early information
Understanding what the insurer needs to make an underwriting decision and providing this in a timely manner is the key to achieving a positive result.
Understand your risk
Before we ask an insurer to accept your risk, it’s important be able to articulate the risks clearly. At a minimum, you should be able to demonstrate you understand your risks and have a strategy for managing these.
Good historical claims records
Insurers gain greater confidence in a risk where they can assess past performance. Where there has been claims, it is important to provide explanations and comment on what you have done to mitigate this risk going forward.
Understand the insurer’s preferences
Insurers are in the business of taking risk. If your insurer is offering less favourable terms than you would like there is generally a reason. As your broker, we can help you to understand your insurer’s appetite and present the best opportunity for striking the right outcome.
An open and collaborative approach
This is best achieved by working together to provide all the relevant information and develop clear objectives and strategies for managing your insurance renewal.
Ultimately, insurers seek to favour ‘quality’ policyholders, while looking to reduce exposure to those perceived to be high risk.
As your insurance broker, we can help to mitigate your risks and minimise what can be a significant financial impact on your business, should the unexpected happen.