Preparing for A Challenging Insurance Renewal? | Griffiths & Armour

5 top tips to get you started.

The insurance market has seen a period of change, and when it comes to the renewal of your insurances you could see higher than expected renewal quotes, reduced cover or, with certain risks and in some situations, you may even find it difficult to secure insurance cover at all.

But don’t worry, despite a turbulent insurance market, with the right approach you can navigate these challenges successfully, securing the right level of cover in the most cost-effective way.

Griffiths & Armour’s top 5 tips at insurance renewal

  1. Start early & take expert advice. If your broker is not talking to you about renewal at least 3 months in advance, they should be. If you don’t currently have a broker or if you feel a discussion on what to expect at renewal would be of benefit, we’d be happy to help. We can share the vital steps to help prepare your business for current market conditions and advise how to best improve your risk profile ahead of the review period. 
  2. Start to prepare no later than 3 months prior to your renewal. Insurers appetite for decisions very close to renewal date or placing cover at the 11th hour has greatly reduced. Take some time in advance to avoid late and uncomfortable surprises at renewal. Less than 3 months to go? Don’t panic! We can still help, contact the team.
  3. Operating a well risk managed business? You’ll need to prove it! The amount of information you will need to prepare for renewal has increased enormously. Is your business an attractive proposition to insurers? Griffiths & Armour’s Risk Management team are experts in this area and can help bring everything into focus.
  4. Put a renewal strategy in place. Plan your strategy in advance and know what’s required. At Griffiths & Armour we develop bespoke renewal strategies for our clients every day. We ensure the right information is prepared well in advance of presenting to the market to secure the most favourable renewal terms. If you would like more information about preparing a renewal strategy that puts you in control, contact the team to find out more.
  5. A tailored solution can help take the headache out of the renewal period. Adapting your approach is crucial for your insurance renewal in 2023 and beyond. We have developed solutions to help and support you…introducing MULTI-TRADEPLUS+. A system specifically designed to meet insurance market challenges AND introduce flexibility to shape insurance protection to fit your business needs.