Business Insurance
The renewal notice arrives, the price is a bit higher, and most people pay it without looking closely. That's understandable. It's also how businesses end up with cover that no longer matches what they do.
Before you pay, ask these five questions.
1. What has changed in the business this year?
New vehicles, new staff, a second site, a new service, higher turnover or a move to bigger premises can all change what you need. If your insurer doesn't know, your cover might not respond the way you expect.
2. Do the amounts insured still make sense?
Stock, equipment, buildings and income all change over time. If costs have gone up since last year, a figure that was right then may be too low now.
3. Has the policy itself changed?
Insurers adjust wording, limits and exclusions at renewal. Ask what's different from last year, and don't assume it's the same cover at a new price.
4. Is the price comparable?
A cheaper quote isn't a better one if it covers less. Compare cover, exclusions and excesses side by side, not just the premium.
5. What would a claim look like?
Know your excess, any waiting periods, and who you'd call. It's much easier to ask these questions now than after something has gone wrong.
Start before the due date
Start a few weeks before the renewal date, not the week it's due. That gives you time to compare options properly. If you'd like help, send us your renewal notice and we'll tell you how it compares. There's no obligation.
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Disclaimer: The information provided on this page is general advice only and does not take into account your personal circumstances, objectives or needs. Before making any decision about insurance, consider the relevant Product Disclosure Statement and Target Market Determination and whether the product is suitable for you. Insurance cover is subject to the terms, conditions, limits and exclusions of the policy.
