Insurance: Review before you renew
18th October 2016

The aim of insurance – be it business or home insurance – is to mitigate risk and protect you and your assets from any unforeseen circumstances. There are thousands of providers on the market; the question is: are you receiving the cover you need?

If your policy is up for renewal soon, it pays (quite literally) to set some time aside to review your current insurance. Even if you don’t realise it, your circumstances are changing all the time and just one small change could have a huge impact on cost.

Not only can reviewing your insurance save you money, but it will also help you to determine whether you are receiving the right level of cover for your needs. If you automatically renew your policy without second thought, you might not be adequately covered and therefore will be exposed to a number of potential risks.

Carrying out a review of your insurance doesn’t just involve logging online to compare quotes – there are a number of other factors you need to bear in mind, such as:

How often do you review your insurance? Ideally, a review should be carried out a couple of months before each renewal as this will give you time to assess your needs and ensure you are getting the best deal.

Are you confident that your insurance is competitively priced? Though all policies are unique to the policy holder, there’s no harm in researching average insurance costs (for your size home or business type, for example) and asking other people for advice.

How much have your circumstances changed since your last renewal? As mentioned, one change could make a huge difference to the cost of your premium.

Generally speaking, insurance premiums have dropped in recent years. Has this been reflected in your current insurer’s pricing?

For business insurance, it’s worth considering the following:

Does your current policy include cover for long-term employee absenteeism as a result of stress? Stress is one of the main reasons for employees taking sick days; if you’re concerned about the effects it could have on your business, then you might want to take out a policy which covers employee rehabilitation.

The number of companies experiencing data breaches continues to grow. It’s therefore vital your policy provides adequate cover for electronic business interruption.

Have you properly assessed your level of risk and exposure to the public? Doing this will allow you to determine what level of public liability you need.

How about your business’ financial liability? There are many risks you could be susceptible to that may not be covered on a standard policy, such as flooding. Even if you’re confident that your business is not directly at risk, what about your suppliers?

If you’re reviewing your home insurance policy, bear these factors in mind:

Similar to business insurance, flooding is not always typically included on a standard home insurance policy. But, with floods affecting many parts of the UK this winter and with more wet weather to come, it’s something you should consider ensuring you are protecting yourself against.

Have you made changes to your home? If you’ve extended, for example, the extension may not be covered on your current policy.

Have you recently bought expensive items? If so, they’ll need to be accounted for on your contents insurance if you want to protect them.

Setting time aside to review your insurance policy a couple of months before its up will help to ensure you’re getting the right cover for the right price.

If you or someone you know would like assistance with this, please feel free to contact us at EIC Insurance Services on 01442 286910 or - we would be glad to assist

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