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Don’t just renew: 3 tips for reviewing your business insurance

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When the renewal documents for the business insurance policies arrives in the inbox, a lot of business owners only give the renewal notice a brief glance, not paying attention to what items are insured and whether the cover remains suitable for them. The problem with this approach is you probably are over paying, potentially have the wrong amount of insurance or won’t have provided the insurer with the correct details – leaving any potential claim being paid in jeopardy. Here are 3 tips to help you get the most out of your business insurance renewal:

Talk to your Business Insurance Adviser

If you are receiving your business insurance renewal in the mail or via email with no communication from your Adviser about the policy, then you need to talk to us at LARK Insurance. That is a huge red flag that you probably aren’t being looked after like you deserve to be. Its important that you talk to your insurance adviser regularly, to discuss changes to your situation that may impact your insurances, potential claims that may have arisen and other areas which you may need some guidance through. Keeping this close relationship helps to ensure that your business insurance adviser has a stronger understanding of your business and insurance needs when it comes to renewing your policies. They will then be able to advise you through changes that need to be made to your insurances and ensure your policies remain cost effective and comprehensive to your business’ needs.

Review your policies early

Renewal discussions should commence 4-6 weeks before your business insurance policies are due for renewal. This allows your insurance adviser plenty of time to discuss changes to your situation. Have you bought new machinery or equipment in the past 12 months? Have you taken on new staff or has the business gone in a different direction and had a change of business activities? All of these can have an impact on your insurance policy, provider, sums insured, etc. and needs to be discussed with your insurance adviser to ensure that your business has the proper protection. If you start the renewal process a few days before it is due, a lot of these considerations will likely be overlooked, leaving you inadequate cover or under-insured which could have significant financial implications to your business.

Compare policies and providers

When we are reviewing your situation at renewal time, we will compare insurers and policy coverage, which can vary a lot from company to company. Something else that we take very seriously when comparing insurers is how they handle claims. As we handle claims for our clients, we want to ensure that we are recommending an insurance provider that will pay claims to our clients in a fast and efficient manner. Its important that you are back in action as soon as possible after a claim, otherwise it can have even more devastating financial impact on you and your business. We, of course, review the overall premiums that insurance providers are charging to make sure that the covers are cost effective for you, without sacrificing the overall level of coverage. Balancing all of these considerations can be complex and time consuming, its important that appropriate care and time is taken to ensure it is done correctly.

Management Liability Insurance

Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.

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Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

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Business Package

Purchase up to six products under one Business Insurance Package.

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For help with your business insurance renewal, talk to LARK Insurance today.

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General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

LARK Insurance, ABN 56 635 745 176, AFSL 240549

This article originally appeared on Lark Insurance Blog and has been published here with permission.