Preparing for renewal in advance is particularly important when the insurance market enters a ‘hard’ cycle, as it is now. This is when insurance premium rates begin to increase, underwriting standards tighten and some insurers reduce their coverage capacity.
Many local firms are looking to better understand the risks their business faces, and to ensure they are getting the right, bespoke cover rather than a package of unsatisfactory covers, which may not be effective in managing the risk or saving money. Therefore, it is vitally important to prepare for insurance renewals early, as it could deliver significant benefits, both in terms of cost and level of coverage.
IFM recommends that local SMEs take the following actions when renewing their business insurance.
- Make sure you allow plenty of time before renewing your insurance and don’t leave it to the last minute.
- Provide as much information as you can to help your insurer understand your business and it’s exposure. Your broker can help you present this information in the most comprehensive manner.
- Allow your broker to navigate the insurance market to provide the best possible coverage based on your risk profile and circumstances.
