When taking out your insurance, your broker will often ask you a series of questions about you and your business to help determine the coverage you need and to work out your premium. But remember, this process should be two-way, and it’s a good idea to take advantage of this conversation to ask your broker questions, be it when taking out a new policy, or when it’s time to renew your policy.
Here are a few questions to ask your broker in your conversations with them to help you get the most value out of the service.
What is covered under my policy?
The best time to ask questions about coverage is before taking out or renewing a policy, not at the time you need to make a claim. Have a friend who recently experienced an incident? Is there something keeping you up at night? Ask your broker if events that have crossed your mind are covered under the insurance you currently have, or whether you need to look at adjusting your coverage. While all claims are different and assessed on a case by case basis, having a conversation your broker can help you understand some of the events which may be covered. Asking questions now, may help you avoid nasty surprises if you do experience an incident.
What doesn’t my policy cover?
All insurance policies have exclusions, but they will vary based on the type of cover. While its recommended you take time to read your policy documents to understand what is covered, your broker may also be able to explain some of the key exclusions under your policy. Again, being aware of what isn’t covered under your insurance may help you avoid any surprises if you experience an unexpected event.
Have there been any newly emerging or trending risks in my industry?
Ask your broker whether there are any new or emerging risks and trends in your industry. This can include regulatory changes and whether there are any insurance implications, as well as details on areas where there have been claims spikes.
Do I need to review my sum insured?
This is a good question to ask as you’re about to renew your policy. If you have your office premises covered, you should review the sum insured each year, and make sure you’ve accounted for new purchases or renovations. If you hold Professional Indemnity and/or Public & Products Liability, you should also check with your relevant regulating body to see whether your sum insured meets their requirement and give consideration to any new areas of practice that you may have started.
Are there any optional extras I don’t currently have which I might need?
Many insurance policies have optional extras which can be taken out for an additional premium. When you first took out your policies, you might have made a quick decision to not go with optional extras. Chances are though, if you’ve held the same policy for a number of years, your situation may have changed, so reviewing your insurance cover thoroughly at each renewal is a worthwhile exercise to ensure your cover is keeping up with your business’s needs.
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