With the commercial insurance market hardening, the rules of renewing are changing.
Introducing our new renewal guide, RBIG Broking Director Geoff Gregory (below) offers advice on how to get the best business insurance quote.
It may not necessarily seem like it, but UK businesses have had it pretty good from the commercial insurance market in recent years.
Premium increases have - by and large - been kept in check.
Why? The key reasons were that, in times of relative plenty, insurers offered plentiful capacity. The competition among business insurance brokers was also notably intense.
Then there was Covid.
Sadly, things have changed.
That soft market is hardening - and hardening fast.
Of course specialist brokers like RBIG continue to work hard to secure clients a great deal.
But insurers have lost some appetite.
This has been particularly pronounced in niches such as Directors & Officers insurance and Professional Indemnity.
Protection through pro-activity
In a hardening market, your worst enemy is inertia.
By being active - pro-active - you can help insulate your business from a shock increase in your commercial insurance quote.
This year you'd be well advised to think much earlier about you renewal. Don't wait for an email or letter to land from your insurer or broker - and certainly don't auto-renew.
If you'd normally allow a month to nail down your cover, this year timetable three. If your needs are complex, you might want to allow even longer .
You can't start too early, only too late.
Think too if your business has changed over the past year.
Covid has forced change on many.
This might include the layout of work and public spaces, work from home policies and service delivery innovations.
There may be knock-on effects such as increased or decreased stockholdings and the introduction of new equipment.
It's important to detail these to ensure your're properly covered and paying a fair price for your business insurance.
I've barely scratched the surface here.
There are many factors to be taken into account when looking to renew
But don't be daunted. We're here to help, whether or not RBIG is your business insurance broker.
Our new guide, Are You Ready For Renewal? offers independent advice on the steps you can take to get the best commercial insurance for your business.
There's no hard-sell. No obligation. Just lots of useful tips drawn from our 40 years' experience serving businesses across the North West and beyond.
If you'd like a copy then please just drop me an email by clicking here.