Renewal time is easy to treat as a box-ticking exercise: the invoice arrives, you pay it and move on. But according to Amrinder Gidda, founder and CEO of Gidda Insurance Brokers, your business insurance renewal is one of the best opportunities to make sure your cover still fits your business. Here are eight questions worth asking every year.
1. Has My Business Changed?
New services, new locations, more staff, higher turnover or new contracts can all change your risk. If your insurer doesn’t know about these changes, your cover may not respond as expected.
2. Are My Sums Insured Still Accurate?
Building costs, equipment prices and stock levels change. Check that your property, contents, stock, vehicles and plant are insured for realistic values to avoid underinsurance.
3. Do My Liability Limits Meet My Contracts?
Review any contracts, leases or tenders you have signed. Many require specific public liability or professional indemnity limits, and some require you to name the other party as an interested party on your policy.
4. Is My Business Interruption Cover Realistic?
If a major event shut you down, how long would it take to recover? Make sure your indemnity period and sum insured reflect how long it could really take to rebuild, replace equipment and win back customers.
5. Have I Added New Vehicles or Equipment?
Trucks, utes, machinery and tools purchased during the year should be listed on your policy. Some policies offer automatic cover for new items for a limited time only.
6. Have There Been Any Claims or Incidents?
Look at what has happened over the past year and whether any changes could reduce future risk. Insurers value businesses that learn from incidents and improve their risk management.
7. Are There New Risks I Haven’t Considered?
Cyber attacks, management liability, product recall and employment practices claims are increasingly relevant for small and medium businesses. A renewal review is a good time to ask whether additional cover makes sense.
8. Am I Getting Value, Not Just a Price?
The cheapest policy is not always the best value. Compare excesses, limits, exclusions and claims support, not just the premium.
Amrinder’s Advice
Our team recommends starting the renewal conversation early. Reviewing your cover four to six weeks before renewal gives your broker time to approach the market, negotiate and explain your options without last-minute pressure.
Book Your Renewal Review
As your insurance partner, Gidda Insurance Brokers is here to make renewals simple and effective. Explore our business insurance services or contact our team on 0491 999 555 to book your renewal review.
This article contains general information only and does not take into account your objectives, financial situation or needs. Before making a decision, consider whether the cover is appropriate for you and read the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD). Gidda Insurance Brokers Pty Ltd is an Authorised Representative (No. 001307383) of Regis Licensing Pty Ltd ABN 71 130 820 727, AFSL 338156.
