This is imperative and 2 months should be a minimum, for more complex insurance programmes 3 months or more is
recommended. A pre-renewal meeting is always preferable and should at least be offered, unless felt unnecessary by you then a
telephone conversation should suffice.
This will provide time to review and update what is required to be covered, look at alternatives and agree a strategy/plan for the renewal in advance of the broker obtaining terms from insurers.
It’s not always 100% possible to achieve but this should certainly be the target and if the pre-renewal contract is as above then should be eminently doable. This then provides time for documents to be issued prior to expiry of existing covers, in particular where legal documents are required such as motor or employers’ liability certificates.
Depending on your requirements as a business, either a telephone call or visit to review any changes in your business and
subsequent insurance requirements should be made/offered half way through your insurance period.
The broker shouldn’t forget about you after you’ve paid!
This helps to ensure that any changes are identified to help avoid under insurance or indeed the policy failing to respond due to non-disclosed material facts.
Rather than making critical risk transfer decisions on your own, you may prefer to take advice from an insurance broker. Also, a broker can save you time by identifying the best insurer/re-insurer for your business, advising you on what type of cover is most appropriate and presenting information about your company to potential insurers/re-insurers. This information should include details of your existing risk management practices so that the insurer can decide whether to offer you cover and how much premium to charge. Besides, brokers bring in an element of neutrality and objectivity in the insurance buying process. In addition to their understanding of Risk Management and Insurance, brokers provide support at the time of claims settlement.
Insurers will often require a survey to ensure they are comfortable with the business’ operations, risks and exposures and how it protects itself. Having your broker in attendance can help avoid misinterpretation and ensure the survey and attitude to issues as they arise are looked at pragmatically. Any improvement requirements and recommendations should also be agreed prior to the surveyor leaving your premises so that there are no hidden surprises afterwards.
How many times have you waited ages for your policy documents or in some cases never receive them at all?
Insurer policy documents should be with you within at least 60 days. You will already be paying or have completely paid for your
insurances within this time so should receive the documentation.
Insurers are not always the quickest to issue paperwork but your broker should ensure they are delivered on time.
For more complex insurance programmes a summary of insurances should be offered and supplied where required by you. This is a simple document summarising a number of insurance policies purchased for ease of reference and saves digging through insurance jargon in the insurers’ policy documents.
You choose to deal with a broker to benefit from an independent specialists’ advice - not only at initial purchase but ongoing.
Therefore, brokers should deal with all day to day enquiries, changes and alterations to the clients insurances, not leaving you to
deal with faceless insurer call centres.
This provides you with an opportunity to build a relationship with the person you’re dealing with who can form an ongoing understanding of you personally and the business, rather than dealing with a different person every time.
Another area where you, the Client, are often left to the mercy of insurer call centres. A number of insurers do have claims lines,
which sometimes have to be used. However, your broker should be there to assist you all the way through and where necessary
visit to discuss the claim, in particular if a severe incident has occurred and a loss adjuster is visiting.
If your business has a number of claims through the year, whether this be motor accidents, injuries or any other type, your broker should offer regular claims review meetings supplying all relevant information.
From this a review of your processes and procedures can be carried out to try and minimise the incidents occurring, which in the long term can have a positive result on your insurance premiums and reduce your costs.
Getting under the skin of your business and understanding what makes you and the business tick, as well as the risks and how you manage them, is imperative before placing accurately arranged insurance. In the event that an incident takes place, your broker having this in depth knowledge will only assist in the dealing of the claim and what you need to do to get your business up and running again. Make the time, it will be worth it in the long-term.