Beat the Insurance Premium Increase:

If you have been affected a sudden insurance premium increase or surprise restriction in cover there are a number of actions you can take to address the problem.

The most important factor is time and if you have 14 days or less you are going to be in a pickle. Insurance Premium increase = more businesses looking for an alternative quotation and this has generally gummed up the works with underwriters struggling to offer terms to a growing swell of enquiries.

Insurers will cherry pick the less risky businesses with good claims experience and that demonstrate good management. If you are one of those businesses that has manual workers, a claims record or export to the USA/Canada you are going to have a tricky renewal ahead.

Cornerstone’s top 5 tips to get the best out of your renewal and avoid the surprise insurance premium increase:

1. Give yourself time and prepare for the renewal – complete annual declarations 30 days before renewal, update your broker with changes to the sums insured and business activities at least 45 days in advance of renewal.
2. Set a deadline for the terms to be delivered. If your insurers are dragging their heels then start looking for an alternative – don’t get caught out by a late insurance premium increase.
3. Prepare for disappointment and choose a suitable broker to review your insurance. The ideal broker will demonstrate that they have similar clients, a good plan to tackle the premium increase and a desire to come out to see you and your business
4. Ask your for broker suggestions to reduce the insurance premium increase such as higher excesses, removal of added extra’s, negotiate a low claims rebate, self insure. This may sound counter productive but it could make the difference – get your broker to analyse what risks you can comfortably take on to save premium.
5. BE PREPARED – There are lists of important information you need to have to hand and this will make the difference between sticking with the insurance premium increase and getting an alternative quotation. Please call Tim Lee 0116 3440040 for further details as the preparation work needs a broker to explain how the fact find is put together

If all else fails and you are just days away from the renewal changing your broker could make the difference.

For further assistance please call Tim Lee – Cornerstone Insurance or email directly tjlee@cornerstoneinsurance.co.uk

Commercial property premiums face 2022 rises as costs soar | Latest News | Insurance Times