We know that the world of insurance can seem overwhelming. In the current hard insurance market, it is particularly important to make sure that you are organised with your insurance programme and that you have the right cover. Keith, Commercial Account Executive, gives his top tips to simplify the purchasing of Commercial insurance.
Organising insurance can seem overwhelming and confusing. In the current hard market, insurers don’t have large amounts of capacity and can therefore be selective on terms. This makes it particularly important to be organised with your insurance programme and ensure that you have the right cover. Keith, Commercial Account Executive, gives us his top tips on simplifying the purchase of Commercial insurance.
1: Time
Never rely on your current insurance broker to tell you when your renewal is due, as you might not always be informed in good time. Make sure that you are aware of your renewal date and begin the process of gathering information well in advance. Good practice would be to start compiling your figures and information two months pre-renewal. Three months is best if your business activities are complex.
2: Know your figures
Your insurance broker will need to know lots of information, including up-to-date management and business information, wage roll and turnover. You will also need to let them know if there has been any changes in business activities, and anything that may be considered non-standard by insurers e.g. non-standard building requirements.
3: Review current covers
Look at your current insurance and check that it is still adequate. For example, that you have adequate sums insured on your building, check whether you have acquired any new staff or plant and machinery, do you need to increase limits of indemnity on your liability insurances?
4: Choose your broker carefully
You want to make sure that you choose a broker who actively engages with you. A broker who provides advice and makes sure that they understand your business and what your needs are is important. This allows them to actively advise you on difficult areas of cover and potential gaps in your policy coverage and provide solutions for that.
5: Know your policy
Once you get the insurance terms from your broker, make sure to actually read the documents. A lot of businesses don’t and unfortunately, this isn’t good. Carefully look at the conditions and the clauses. These are the things that are going to cause you problems down the line if you can’t adhere to them and need to make a claim. You need to make sure that your broker is explaining these to you explicitly and in good time, because if there are issues or amendments to be made, then you want to know that you’ve got time to rectify these before your renewal date.
6: Keep your insurance front of mind throughout the year
Remember: If anything changes during the year, you need to inform your broker and ensure that they amend the policy. For example, if you take on work outside of your current business description, make purchases or acquisitions, or take on new contracts or areas of work. Your broker needs to be aware so that they can ensure you are covered throughout the duration of your policy.
Our Commercial team can help you to take advantage of our free business insurance review check on 01270 758070. You can also contact us to discuss simplifying your commercial insurance renewal.
