Operating a business can be a challenge, and when you’re concentrating on building your core business, vital tasks such as renewing your business insurance can fall into the cracks. This can be disastrous as your business is then left vulnerable in the event of theft, property damage or even injuries. While the best solution is to use business insurance brokers, Perth business owners can also use these tips to make the entire process easier.
Collate Accurate Information Early
A lot can change in a year, and whether you’ve acquired new assets or some items have dropped off your balance sheet, you need to reflect these changes in your new policy. As your renewal date approaches, it is vital to collate your information early and ensure that it is as accurate as possible. Inaccurate information not only increases the likelihood of claim issues, but it could mean that you are paying more than necessary.
Understand Your Risk
Risk assessment is one of the most challenging aspects of business insurance. A professional broker can help you to clearly articulate your risks. If you’re going it alone, you will need to demonstrate that you understand your risks and have developed a strategy to manage these. Failing to correctly understand your risks could lead to you being underinsured or in a worst case invalidating your coverage in the event of a claim.
Have a Good Claims History
While this may seem difficult to accomplish it is vital for making renewal easier. Some insurers have limitations or restrictions for clients with certain issues in their claims history. For example, some companies will not provide coverage for those with two or more claims in the last three years. This can make renewal even more challenging as insurers have greater confidence in risks where they can see the past performance. If you have made claims, you should be able to provide explanations or comments to mitigate this risk moving forward.
Adopt a Collaborative and Open Approach
As we touched on above, insurers prefer to have a clear picture of your risk profile to properly assess your needs. Working together to provide the relevant information and develop a clear objective and new strategies to manage your renewal will make the process easier.
Consult a Professional Broker
Insurers look to favour a quality policyholder as they reduce their exposure to those companies who are perceived to be high risk. A professional insurance broker can help you to mitigate your risks, minimising the financial impact on your business. While it may be tempting to go it alone, a professional broker can guide you through the renewal process to leave you to concentrate on your core business.
If you’re in need of business insurance, you should speak to us. We are experienced business insurance brokers, Perth business owners can rely on. We offer access to a variety of insurance products, which can be tailored to cover your specific needs. You’ll find the GSK team ready to answer any queries to arrange the best coverage and streamline the renewal process.