It’s likely that you’re very busy and perhaps arranging the insurance for your business falls to you out of necessity rather than choice. Time-pressures or even (don’t shoot me here) a potential lack of either interest or insurance knowledge can mean it’s often easier to roll your cover over each year, assume all’s well and leave it up to the professionals.
However, your insurance professional can only help you if they’re armed with all the pertinent information and that’s where a periodical review is not just something you should ideally do but is essential.
If you don’t know what you should be looking for that’s a separate issue. Check out our 3 Important Business Insurance Checks For Non-Experts if that’s you.
A review naturally gets you thinking about risk – and that’s got to be a good thing, right?
A review is the perfect opportunity for you to gain an understanding of your cover and how it applies to your activities. When it’s coupled with a hand-hold from a qualified insurance professional it brings you along on the journey, involves you in your protection to an appropriate level (informed oversight) and should inspire trust in the advice you’re receiving.
You’ll become more confident in providing some challenge to your provider. If they’re worth their salt they’ll welcome the interaction because it gives them the reassurance that risk is at least on your radar.
It’s all about making sure you have adequate protection in place
Go on, be honest, at renewal you only really look at whether the premium has increased, don’t you?
However, it is important for you to be convinced in your own mind that both you and your provider have done more than just cast a cursory glance at your renewal in passing.
Businesses are often complex and diverse by their nature, with inherent exposures to legal liability and other losses that are not always obvious. Making sure that’s met with appropriate protection requires a considered, thought-through approach from a qualified insurance specialist. That could involve them in tailoring a bespoke, rather than off-the-shelf, solution.
Regardless, a review creates the space and time to realign your cover with your business activities and avoid unnecessary exposure to risk.
An insurance review also gives you the opportunity to look to and consider the future. Maybe you have aspirations to expand into new areas, take on more staff or start offering a new service. Perhaps you’re on the verge of securing a large order that could lead to more. Your business could suddenly be transformed through a single, positive event that raises your profile and brings about significant, lasting change. Planning for all the consequences of that becomes possible when it emerges in the natural course of an annual renewal discussion.
The focus shifts from cost to value
Sound advice and fit for purpose cover is king and needn’t cost the earth but the consequences of getting it wrong could be devastating for your business. Whatever you pay, if it’s for the wrong cover or an incomplete service, it’s a waste of money. Paying the right amount for the right result is not and that’s what you’re trying to gauge as part of any review – are you getting value for money?
In Summary…
By reviewing your needs from time to time you have the chance to be involved in arranging your cover and make sure you keep your provider close.
You can’t know everything and it’s not your job to double-check everything you’re being told. However, armed with a little knowledge you should feel more confident than ever and able to make an informed choice.
Working together in partnership with your insurance provider to achieve your goals gives you the best chance of success and prevents you from being crippled by an unplanned event.
