Essential Steps To Renewing Your Insurance Policy

Nathan Brown  -  Oct 26, 2020  -  Comments Off on Essential Steps To Renewing Your Insurance Policy

When the time comes to renew your insurance policy, are you someone who generally leaves things to auto-renew, or do you take the opportunity to review your cover, see where you can save, and assess your options?

There are some steps that we would always recommend following, and here are our top four.

Know When Your Policy Is Due To Renew

This may seem a simple and relatively trivial point, however, you would be surprised at the number of business owners who do not know when their policy is due to renew.

The risk of this is that they could leave the policy to simply roll over and auto-renew without taking the time to review it. This could also lead to you paying a higher premium than you need to.

Thankfully, for those who use a broker, the job of making sure you have a competitive renewal quote is taken care of. Your broker is obliged to give you notice of this and this should also include a policy document outlining the renewal terms.

Whilst all good brokers will issue this notice, not all brokers do and therefore it is important to know when your policy is due to renew in order that you can act to carry out a review.

Start The Renewal Process Early

All too many people leave this to the last minute, meaning they miss out on the most favorable terms. We always recommend that you start early in order that you can make sure you get the right cover at the best price.

Also, do not be tempted to automatically accept ‘early bird’ renewal terms. It is important to have a comparison quote or two so you can see if they really are the best terms available.

Spend Time On Your Renewal

Whilst it may not be at the top of every business owner’s list of things they enjoy doing, it is important to set aside some time to spend on your renewal.

You may need to provide additional information and depending on the size of your business, it may be a worthwhile exercise to meet with your broker so as to review any claims and mitigating actions to reduce your premium.

Remember To Use A Broker

This goes without saying but remember to use a broker for your policy as a broker will often be able to get you a better deal than if you go direct to your insurance company. In addition to this, they will make sure you have the right level of cover in place.

We hope that you found this helpful! If you are coming up to renewal and would like to discuss your policy, we would be more than happy to answer any questions you may have.

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