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Three things to do before purchasing or renewing your business insurance

by Trevor Gibson
General Insurance Broker
July 29, 2022
3 min read

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.

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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.

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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.

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