Targeting and planing will get you the best of your business insurance renewal.
Now that your organisation inside your company is in place, we would like to talk about the renewal of your insurance. As for every negotiation exercise, business owners or financial managers need to get ready when the day comes to renew the insurance.
In the below article, we give you some tips to renew your business insurance in the most efficient way.
Tip #1 – Be informed of the current situation thanks to your intermediary.
As the renewal date of your insurance contracts is approaching, you are wondering if you should plan an increase or a decrease of your budget, and if so of how much.
First of all, you must know how much coverage you currently have and how much coverage you need. To do so, nothing better than asking your current insurance intermediary to provide you with his/her analysis.
At Clema Risk Solutions, a couple of months before the renewal date, we set up a meeting with you. During this meeting, we review your past year activities and we describe the different coverages in place.
Furthermore, we propose some targets for the next renewal in term of new covers or insurance budget.
Tip #2 – Be ready with facts and figures about your business
Once you have defined your goal and target for next year renewal, you could start collecting key information.
In particular, at Clema Risk Solutions, we would like to hear from you about:
- new risk management measures that have a direct impact on your level of exposures.
- your updated company profile.
- your next year plan.
- the past claims, their circumstances and what is done to make sure it will not happen again.
After the information are received, we will analyse the risk exposures and design some insurance solution. We will then send a request prooposal to selected insurance markets.
Tip #3 – Be loyal will give you some leverages …
Certainly this is a very common discussion to know whether you should ask quotes to several insurers.
At Clema Risk Solutions, we like to develop a long-term relationship with the insurance companies. We believe client loyalty and purchase behaviours are important for insurers.
Above all, we focus on the quality of the cover and on its structure to bring more added value to our clients.
Tip #4 – … but shop occasionally to challenge your current providers
However, shopping around occasionally is a good idea. We usually advise our client to do it every 4 years or more often if you have been given a significant rate of increase or bad service.
If you have any questions in respect of the above tips to renew your business insurance, please don’t hesitate to send us an email with your contact details. You can also visit our website to find out about the other insurance services we offer.