02 4969 8100
Call me back
Three things to do before purchasing or renewing your business insurance
There are some practical steps you can take that will improve your chances of securing the most cost-effective and appropriate coverage to adequately protect your business.
1. Take a proactive approach to risk management
It is important for all businesses, regardless of size, to take a proactive approach to risk management. In the current insurance landscape, insurers are recognising better risk-managed businesses, so it is important to have controls and strategies in place to ensure your business risk profile is optimised.
Find out how much it costs to get covered.
2. Identify and partner with competent insurance and risk professionals
It’s never been more important to have competent insurance and risk professionals advising your business.
The Australian insurance market has changed significantly in the past 12-18 months. Insurers are being far more selective on risk and reducing their capacity in many classes of insurance.
Given the widespread adjustment to policy coverage and pricing, make it a priority to partner with professionals willing to learn about your business and who demonstrate they are an effective advocate for your insurance and risk interests.
Get to action
As a guide, the best time to start work on policy renewals is around 60 days before the expiry date.
3. Start your review early
An annual review of the business insurance policies should be completed with your insurance adviser to review any changes to your business operations.
“As a guide, the best time to start work on policy renewals is around 60 days before the expiry date. If you are starting a new business, make this a priority and start as early as possible,” says Newsure Managing Director Brett Edmonds.
Changes to your circumstances throughout the year may expose gaps in your current business insurance policies. These gaps could create issues that are potentially costly and detrimental to your business if a claim occurs. Regular review meetings throughout the year will help to ensure you continue to have the right level of protection.
We offer complete insurance solutions for all types of businesses – from start-ups to medium and large size enterprises. Let us help you.
Talk to us or request a callback.
Important notice – NewSure Insurance Brokers Pty Ltd
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. NewSure Insurance Brokers Pty Ltd make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of NewSure Insurance Brokers Pty Ltd.