TO RENEW? OR REVIEW? Making sure your insurance keeps pace with your changing business needs

TO RENEW? OR REVIEW? Making sure your insurance keeps pace with your changing business needs

Okay, okay. Not many people look forward to renewing their insurance each year. After all, when you’re busy running a business the last thing you probably want is to spend time reviewing policy schedules and Product Disclosure Statements. But as tempting as it can be to get your renewals over and done with simply by sticking with what you already have, be careful.

In today’s constantly-evolving world, the sands of business are shifting further and faster than ever before. What was right for you just 12 months ago could very well be out of date come renewal time. In fact, many of the business owners we work with are amazed at just how quickly their risk and insurance needs can change. New clients. New markets. New equipment. New employees. New premises. New products. New legislation. These can all influence the type and level of cover you need to remain adequately protected.

Renewing without reviewing means you could be paying for a policy that doesn’t match your current circumstances. This alone is far from ideal. But, even worse, having a mismatched policy could even void your cover in the event you need to make a claim – a huge risk for any business.

So, what sorts of things should you be considering at renewal time?

What does your policy actually cover?

It may seem duller than a rainy winter’s day. But take a look at your Product Disclosure Statements so you know what you’re paying for. Check that your policies will actually cover what you need them to cover in the upcoming year. At the same time make sure you’re not paying for things you’ll no longer need. Here are a few other key questions to consider:

  • Are there any excluded items or events that you need to be covered for?
  • Are there any claim limits or caps? If so, are these acceptable for your business?
  • Have you made any changes or additions to your business in the past year that could require additional coverage, or less?
  • Do you plan to make any other additions or changes that could require additional coverage, or less?
  • How good is the service you’re currently receiving from your insurer?
  • What is your current policy excess? Would you consider paying a higher premium in exchange for a lower excess, or vice-versa?
  • Are you happy with your current policy schedule, or would you prefer a wider choice of payment options (such as monthly or quarterly)?
  • How competitive are your current premiums? Would another option give you even better value and/or coverage?


Asking yourself these questions before your renew is vital to ensure you’ll still be adequately protected for all of the relevant risks your business faces in the coming year. If things have changed since your last renewal, or even if you’re just unsure, be sure to contact your insurer or a business insurance specialist such as Insurance Advisernet – Lewis Insurance Services . Even seemingly minor adjustments can have a real impact on your insurance policies, premiums and the likelihood of a claim being paid.

Don’t just wait for renewal time!

Regardless of when your policy is up for renewal, if something changes in your business it’s always a good idea to notify your insurer as soon as you can – just in case. One thing to keep in mind is it may not automatically lead to a higher premium. We see many circumstances each year where keeping insurers abreast of changes actually reduces premiums.

Ask an expert.

Insurance policies and PDS’s can be complicated documents. If you’d like help to review your existing arrangements before your next renewal, why not discuss your needs with your local Insurance Advisernet Authorised Representative? They’re business insurance specialists and are ideally placed to help you get the best value cover for your needs.

Lewis Insurance Services is here to help our clients with advice before renewing their insurance policies.  To discuss further, please contact Lewis Insurance Services on 07 3217 9015 or send us an email at .

This article was published by our AFSL Licensee, Insurance Advisernet Australia P/L (27/05/2017)

This information and any accompanying material does not consider your personal circumstances as it is of a general nature only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances and considering the Product Disclosure Statement.