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When the renewal comes through for your public liability insurance each year, what do you do?
Many business owners simply pay the invoice and forget about it, but this could mean you’re missing out on potential savings and in some cases could be leaving yourself exposed.
In this guide we’ll take a look at what happens during the renewal process, and what you can do to ensure you’re not paying too much for your insurance.
Receiving the Renewal
Before you receive your renewal there are certain things that will be done by your insurance company, and if you have one, your insurance broker.
Insurance Company
If you are covered directly through an insurance company without the help of a broker, the insurance company will simply issue you with a renewal invoice to be paid.
In most cases your premium will increase each year, sometimes in line with inflation and sometimes due to overall higher claims costs for your industry.
Unfortunately the insurers do not offer individual no claim bonuses or discounts for businesses.
Insurance Broker
If you have used a broker for your insurance there are two ways in which your renewal may be processes.
In some cases your insurance broker (or more likely their support staff) will simply process your renewal with the same insurance company and send out the invoice for payment.
The better brokers out there take a different approach, and will instead contact you beforehand to review your needs and to check if anything has changed or if there’s anything else you need.
They may also request additional quotes from other insurance companies to see if anyone else can offer a better deal this time around.
Only once they have reviewed your needs and decided on the best option for you will they send out your renewal documents and invoice.
Review the Information
When you receive your public liability insurance renewal the first step should be to review your cover.
Whenever you make any changes to your business you should let your insurer or broker know straight away, but renewal time is certainly a good reminder to review your business needs.
Once you are satisfied that the coverage is still right for your business (which may be done in conjunction with your broker) the next step is to look at the pricing.
Shop Around
As we mentioned earlier, the good insurance brokers out there will shop around to find you the best deal before sending out your renewal, but unfortunately this is not always the case.
Upon receiving your renewal it is a good idea to shop around for a better deal. If you are happy with your existing broker you should first speak with them about finding a better deal since they already know your needs.
If your broker is unwilling to assist with additional quotes, then it’s time to find a new one.
You can of course shop around for your insurance without using a broker, however you need to know what you’re looking at. Not all public liability policies are the same, and the consequences of choosing the wrong policy can range from inconvenient through to catastrophic.
More Info
If you have received your insurance renewal and are not happy with the service of your existing broker, why not request a quote from the team at publicliabilityinsurance.com.au?
We will match your details with a suitable insurance broker or adviser who can take a look at your renewal and see if there’s a better deal available for you and your business.
To contact an insurance expert please complete our online quote form or call our office on 1300 542 245.