Last Minute Insurance Renewal?

We look at why this is bad news for your business

Last Minute Insurance Renewals Are bad News
Hard To Think Of A Good Outcome With A Last Minute Insurance Renewal

It’s a common problem – too often business owners and managers don’t hear from their broker until a few days before renewal. There are enough demands on businesses to have to chase up on their own business insurance – that’s what the broker should be doing for them well in advance. Instead, they’re often left with a few lines on an email, giving them little time to review.


Sadly, we see this all the time. Although in truth, it’s often how we get to meet our great clients – they’re looking for a better solution after being repeatedly disappointed with the service they’ve received.

But why is all this important? What difference does it make? We’ll run through 3 key reasons reasons why your broker should be working hard, well ahead of your renewal date.



1. Capturing changes in your business.


Your business probably changes regularly, especially in the current environment. It’s incredibly important your insurance moves with your business to keep the cover relevant and targeted. You might have bought assets or added new services.


How can this happen if the broker doesn’t speak to you about what’s happening in your business?


2. Going to Market


No we’re not talking about fruit and veg or artisan cheese – brokers should regularly check in with the insurers to ensure you’re getting the best deal. This doesn’t mean a full remarket every year, but do you know when your broker last checked the market for you? It can be a big job and this takes time, so if you’re only hearing from your broker late in the piece, you can be pretty confident they haven’t checked the market for you.

Unhappy Customer Insurance
You Deserve Better Service From Your Insurance Broker

3. Little Time To Review


Nobody likes having to make snap decisions about important topics. What if your insurer requires a sizable increase based on claims or market conditions? What if the insurer has a change of underwriting appetite and wants to impose some new conditions. When you’re out of time before renewal, you’re effectively over a barrel and forced into the offer on the table.


Clearly, this is not a good situation and you might be getting lumped with something you don’t want or need.


Getting The Best Results For Your Business

Depending on the size of your business, we believe a good time to start the process is around 6 weeks prior to your renewal date. If you’ve got a complex or challenging insurance programme, it’s probably a good idea for your broker to start working even further out.


Similarly, if it’s Christmas or the end of a financial quarter, it’s always best to play it safe and start organising earlier. Is your current broker doing this for you?

Consider also what you’re paying vs the service you’re receiving. Most brokers work on commission (we don’t) which means up to 30%+ of your premium is going to your broker. Is this value for money, based on the service you’ve received? We don’t take any insurer commissions.


Are You Ready For A Better Service?


At Insurely, we believe in providing the best service for our business. We start our renewal process early, so you are in the best possible position to make the right decision that gets you the best value.

Book a call with us today to find out how to join – you can do this easily by accessing our calendar booking system here:



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