Business Insurance Renewal Checklist for Australian Businesses
Use this business insurance renewal checklist to review what has changed before your current cover expires. Check your activities, assets, turnover, staff, contracts and claims history, then discuss any gaps with an ABS business insurance broker.
Business insurance renewal checklist: what changed this year?
- Turnover, payroll, staff numbers or subcontractor arrangements
- Business premises, stock, equipment, vehicles, plant or other assets
- New contracts, customers, services, products or territories
- Cyber systems, stored client information and payment processes
- Claims, incidents, complaints or circumstances that may need to be disclosed
Check asset values and replacement costs
Rising replacement costs can leave buildings, contents, stock, tools and plant inadequately insured. Review sums insured using current information rather than relying on last year’s figures. If a business owns commercial premises, its commercial building and contents insurance settings deserve particular attention.
Review your liability limits
Public liability, professional indemnity and management liability requirements may be influenced by new contracts, client requirements and business growth. Ask whether the limits, exclusions and conditions are suitable for the business as it now operates.
Hospitality businesses have changing exposures
A hospitality business may experience changes in turnover, staff, equipment, events, delivery arrangements or trading hours. The hospitality insurance page highlights why a sector-specific review can add value to the broader renewal discussion.
Prepare for a more useful broker conversation
Have your current schedule, claims history, asset lists, contracts and details of operational changes ready before renewal. The more accurate the information, the better placed a broker is to discuss available general insurance options with you.
If your business is in Sydney, an ABS insurance broker can help structure the renewal conversation around current risks rather than last year’s assumptions.
This article provides general information only and does not take account of your objectives, financial situation or needs. Insurance availability, terms, conditions, exclusions and premiums depend on the insurer and your circumstances. Consider the relevant policy wording and seek personal advice before making a decision.
