Collect Accurate Information Early

Over the course of a year, a lot can change in your business, whether it be new assets or items that have been removed from your balance sheet. As the renewal date approaches, it’s important to collect all the necessary information early and ensure that it’s as accurate as possible. Inaccurate information can increase claim issues and cause you to pay more than necessary.

Understand Your Risks

Assessing risk is the most challenging part of business insurance. If you’re working with a professional broker, they can help you make your risks clear. If you decide to handle it alone, you need to demonstrate that you understand your risks and have a strategy to manage them effectively. Failing to properly understand your risks could lead to being underinsured or, in the worst-case scenario, invalidating your coverage in case of a claim.

Maintain a Good Claims History

Having a good claims history is important for easy renewal. Some insurers have limitations or restrictions for clients with certain issues in their claims history. For instance, some companies wouldn’t provide coverage for those with two or more claims in the last three years. Having a good claims history makes renewal less challenging as insurers have more confidence in companies that can consistently demonstrate good past performance. If you’ve made claims in the past, you should provide explanations or comments to mitigate future risks.

Adopt a Collaborative Approach

Insurers prefer to have a clear picture of your risk profile before assessing your needs. Working collaboratively to provide relevant information and develop clear objectives and strategies makes the process easier.

Consult with a Professional Broker

Insurers favour a quality policyholder that minimizes exposure to high-risk companies. A professional insurance broker can help you mitigate risks and minimize the financial impact on your business. Although it may be tempting to go it alone, a professional broker can expertly guide you through the renewal process and let you focus on your core business.

If you need business insurance, please contact us. We are experienced business insurance brokers serving Perth, and we provide access to a variety of products that can be tailored to your specific needs. The GSK team is ready to answer any questions to arrange the best coverage and simplify the renewal process.