Let’s face it, the world’s changed and we are busier than ever before. It’s now the norm being busy running your extremely busy business right? The last thing you need on top of the everyday, is stress in renewing your insurances. As your insurance broker, Mitchell Insurance Management’s objective is for you to be focused solely on your business. You know the area of expertise and services to which you support your clients and you actually make your money, whilst we focus on providing you with the right cover at the most appropriate terms. So how do we work together to create a smooth renewal process? Or from another perspective, come together to begin working together?

1. Don’t leave it to the last few days to provide us with the information to renew your insurance

Providing Mitchell’s with the required information early means we can scope the insurers to find those with the most favourable terms for your risk. When it gets closer to the renewal window and the particular renewal date, your options become more limited. With Mitchell’s, we consistently communicate with our clients at varying times of the year, both from a proactive perspective to stay ahead of your changing needs, or reactive process when needs/changes are required as part of your activities. Approaching the renewal period, we will be aiming to sit with you some 6-8 weeks out to garner the overall year’s position, as it then allows time for our submissions to be prepared in order for the underwriters to assess properly and make strong, constructive decisions about the risk that ultimately lead to your benefit. The more time available to do this is key to achieving the best result for you and your business.

Fundamentally it’s no different to you and your business, the more we know, and the more time to do the process properly leads to the strongest outcome!

2. Communicate, communicate, communicate!

Communication is key, not only with Mitchell Insurance Management as your broker, but also with your employees. Communicate and educate your employees about your business risks and how to minimise them. This is a win all round! Your potential claims are minimised, and on-going renewal premiums are kept lower.

3. Understand your risk

Do you know the risks in your business? Understanding your business is important to ensuring you have the most appropriate renewal terms. Have your processes changed? Are you using sub-contractors for certain aspects of your business? These are important changes which can impact your renewal premiums. Can you demonstrate to the insurer you have a strategy in place to reduce your risks? Insurers will hold a favourable view towards businesses who can demonstrate their intent to manage, minimise and control their risks.

4. Your claims history

Following on, again, insurers favourably view those businesses who accurately know their claims history and have learned from them. Has your business implemented a new risk reduction strategy after a claim? It is important to communicate this as insurers will have more confidence in offering better terms if your business is actively reducing risk.

5. Insurers have preferences for different risks

Insurers have appetites for different risks, no different to your business as you may focus or specialise in key areas only. As part of our role as your insurance brokerage, Mitchell Insurance Management, maintain relationships with an extensive number of insurers and underwriting partners. Are you receiving less than favourable renewal terms because the insurer is not the right for your business? You may be positioned with an insurer who offers terms and takes the risk, but it maybe at a premium that’s high for the risk and category, simply as there are other more appropriate options available in the marketplace. This is where our skills, knowledge and access to many different insurers and underwriters you may not have even heard of, simply as they are broker interfaced relationships that we can utilise to your benefit. This is where we can work together to ensure you have the appropriate cover with the right insurer at the most favourable terms.

6. Work together for the best outcome

As your broker, Mitchell Insurance Management’s goal is to work with you to achieve the best outcome ongoing, whether that be developing your initial objectives or strategies for maintaining and renewing your policies. A example of Mitchell’s performing to a clients benefit with a recent renewal can be viewed here.

If you would like to talk through your upcoming insurance renewals together in relation to your business activities, even if you are positioned with another brokerage, we’d be only too happy to sit down over a coffee and discuss your needs. There are options available to you should you wish to have Mitchell’s take over the management of your insurance program, allowing you the control of a strong insurance program that is positioned correctly to your requirements. More information on how that can be achieved is here.

At anytime though, feel free to call Mitchell Insurance Management on 02 6113 0478 or contact us. Again, we are only too happy and would enjoy the opportunity to talk through your potential business risks, proposing solutions that will fit and support your business activities going forth.

The information contained in this blog provides only a general overview of subjects covered. It is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Insureds should consult Mitchell Insurance Management regarding specific coverage issues. All insurance coverage is subject to the terms, conditions, and exclusions of the applicable individual policies. Mitchell Insurance Management cannot provide any assurance that insurance can be obtained for any particular client or for any particular risk.