What to do before you renew your Business Insurance policy...
To take advantage of the renewal period, you must talk to your insurance company about any new risks, services, or operations you're considering. For instance, if you're considering adding a new product or location, the renewal period is the ideal time to have that conversation with your provider.
Here are some things to consider before you renew:
Review your current policy: Begin by reviewing your current policy. Understand your coverages, such as general liability, business property insurance, workers' compensation, and any industry-specific coverages. Take note of the coverage limits, deductibles, and any exclusions.
Evaluate changes: Take stock of changes in your business operations from the past year. Have you hired more employees, relocated, or introduced new services? Each of these changes may impact your insurance requirements. Make sure that your policy accurately reflects your current business operations.
Review your claims history: Review any insurance claims you've made in the past year. If you've made frequent claims, it could mean that you need more coverage or improve your risk management practices. On the other hand, if you have yet to make any claims, you might be eligible for discounts or better rates.
Compare your options: Don't renew with your current provider without matching quotes from multiple insurers to get the best value for your money.
Consult with the experts: Providers can offer valuable insights into the best insurance policies for your business. They can help you grasp complex insurance terms and conditions and aid in finding policies that are tailored to your specific needs.
At LBH Insurance we have access to an extensive market for every industry, so our experts can provide a bespoke policy designed around your businesses unique risks.
For guidance and a complimentary, no-obligation quote, please call one of our specialist team on 01702 347889 or email enquiries@lbhinsurance.co.uk.
