Is your Business Insurance coming up for renewal?
In the months leading up to your business insurance renewal date, it is vital to give yourself enough time to prepare and review your policies. Unfortunately, many businesses miss this opportunity! Allowing insurance plans to auto-renew not only potentially puts your business at risk but could also end up costing you valuable premium savings. To help you avoid falling into this trap, we’ve come up with a simple plan to help prepare your business before your insurance comes up for renewal.
Let us help you prepare before your insurance renews. Give us your date of renewal and we’ll be in touch to book a FREE insurance review!
What to do before your insurance renews
There are many things you can do to make the renewal process easier. Here’s what to do in the months and weeks leading in to your renewal date. Take note! A little planning now could save you a lot of time, money… and let’s face it, a great deal of sanity later down the track.
11-12 months before…
It might sound strange but mark your calendars for renewal review next year! Then create a list of things to address each month, so you can be sure you have your bases covered by the time your renewal. If you book your review 6 weeks prior to renewal, that should give you plenty of time to address any areas of your business prior to this date.
6 weeks before..
- Set time for review. Also, plan for interruptions! Give yourself ample time to cover all your bases.
- Collate information to provide to Broker. Mainly look at any changes or updates in your business, such as:
- Any changes in business activities.
- Approximate turnover, both actual and potential going forward.
- Staff numbers.
- Additional asset purchases or sales.
- Information on any potential claims pending.
3-6 weeks before..
- Contact your broker to review insurances.
- Provide updated information as requested.
- Discuss if the remarket of insurances is required.
2 weeks before
- Finalise your insurance renewal.
- Confirm payment timing and whether or not Insurance Premium Funding is required.
- Insurance Premium Funding can be a simple way to balance out the cost of your insurance premiums! Here’s everything you need to know about this Payment Solution. If this sounds like something you’d be interested in, get in touch to learn more.
After Your Business Insurance Renews…
- Ensure that updated wordings and certificates received.
- Mark your calendars for renewal review next year! Give yourself at least 6 weeks prior to renewal to allow plenty of time to review your options.
What to Remember About the Insurance Renewal Process
Don’t try and do everything yourself!
An insurance broker can identify hidden risks unique to the business that you hadn’t even considered. The time spent comparing rates and coverage much more efficiently than if you try doing it yourself. You might be surprised at how easy it is. It doesn’t take long!
The more time you spend getting this process sorted, the quicker it becomes.
Unless you’re doing a major re-market or re tender, in most cases the review/renewal is a simple process of making minor tweaks and changes.
Consider the best types of insurance for your business.
If you don’t know, this is the time to start considering expert advice.
If you need to get your business insurance sorted, we can help make the process a breeze!
The sooner you do this, the more time you’ll have to get back to focusing on business. Balance Insurance Director Gareth Wallace has over 20 years of experience delivering high quality commercial insurance services to New Zealand Businesses. If you’d like to discuss the insurance programme that is best for your business, he is available to help you decide on the best solution and advise you on what your business needs.
There are important things to keep track of throughout the year.
Throughout the year, keep tabs on the following;
- Loss Prevention programmes. Continue to review your loss prevention programme and take measures to ensure your premises security systems are up to date. Have you considered the benefits of upgrading to a smart security system?
- Employer Obligations & Policies. While you’re at it, take time to check your current health and safety measures, and ensure that employee contracts are up to scratch with current legislation. These commonly overlooked areas can often pose a risk, particularly if not covered under Employer Liability Insurance or Employer Practice Liability Insurance.
- Cyber Security This is also a good time to review what your business is doing (if anything) to protect against Cyber Attacks. Malicious cyber threats and data breaches are on the rise in New Zealand, with Small to Medium businesses a prime target. Luckily, a few simple steps will lower the risk of your business being exposed to a cyber security threat. These will also help keep confidential business data safe, especially those of your customers. If you’re not sure where to start, check out our recent article on the subject, and Download our FREE Cyber Security Checklist here
- Major Business Changes Has anything changed recently in your business? Many businesses change quickly in their first few years of operation, and this rate of change is shown to be the biggest source of business risk. If your business has seen major change recently, make sure you notify your Broker immediately.