Renewing business insurance for SMEs
Now is a good time for small businesses to prepare for renewing their business insurance.
Many firms have changed and adapted their business models to cope with new ways of working and dealing with customers. Some have moved to online delivery, more staff are now working virtually and in some cases, firms are using existing equipment to manufacture new products.
It is therefore vitally important to prepare for insurance renewals early, as it could deliver significant benefits, both in terms of cost and level of coverage. What’s more your policies should provide the right protection, especially if your business has made changes to the way it operates and to combat rising inflation.
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.
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.