Get prepared for your insurance renewal

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Tips to prepare for your insurance renewal

As it does every year, your insurance may be due in the coming months. So, with our many years of experience in placing Supermarket’s insurance programs and having been partnered with the MGA for over 3 years, we thought what better time to share with you some things to think about with your upcoming renewal. This includes how you may be able to make your business jump off the page and ensure you have the best deal possible.

Early preparation (Start early):

Begin to strategize and collate renewal submission information at least three months before renewal. With a busy marketplace with many risks, if you leave this too late it can lead to many markets not having the time to look at your submission properly.

Look at your process and analyse them:

Insurers need to see that you generally are working with them to help mitigate risk. The key things we see make a real difference is: 1. Good cleaning practices around spills and cooking areas 2. Fire Protection program that is suitable for your premises 3. Regular thermographic scanning to ensure any problems with electrical winning can be fixed. This can really impact particularly older buildings as it shows you are aware of one of your biggest exposures 4. Incident processes and staff training on recognizing and mitigating incidents 5. A survey of your risk can help showcase your risk from a risk management side

Take action to problem areas

Survey’s, thermographic scans, and claims can point out several problem areas for you in your business. Most insurers will understand some of these fixes take time, but what they like to see is a move to fix the most penitent ones quickly. This could be: 1. Non-slip flooring in potential issue zones 2. Stairwells reflective tape on steps to help highlight edges 3. Wiring looked at straight away and fixed A proactive client will always have an easier time both in getting an alternative quote but also working with the underwriter even if they had a claim.

Speak to an Adroit Insurance & Risk Adviser

Your local Adroit Insurance & Risk Adviser has access to markets that many don’t, and therefore can ensure that you are not only getting the best deal for your business but talk you through how you can best protect your business to the level you would like to. Contact us today for an obligation free Health Check of your insurances. Travis Noffke, Senior Risk Adviser | Adroit Insurance and Risk adroit.com.au Travisn@adroit.com.au M 0419 299 402