Key tips and questions for business owners to ask your insurance broker

Reviewing your business insurance might not be the most exciting part of running your company, but it’s one of the most important. Whether your renewal is coming up or you're reassessing your cover, asking the right questions can save you time, money, and stress down the track. A well-informed discussion with your insurance broker ensures you're properly protected and getting value for your investment.

Reviewing your business insurance may not be the most thrilling part of running your business. But take it from me, asking the right questions now can save you time, money, and headaches later.

Here are some essential tips and questions to guide your next insurance review, so set aside 30 minutes and get your policy in shape before the renewal lands.

If you have any further questions, please don’t hesitate to contact us for more information that is tailored to your business and goals.

Are You Getting the Best Value for Money?

When you're choosing a business insurance policy, don’t fall into auto-renew complacency. 

Ask your broker:

• Which insurers match your risk profile?  Compare quotes, but dig deeper: does one offer better cover for your industry or location?

• Are there features worth paying slightly more for?  Maybe one policy includes extended business interruption coverage, or another provides automatic extensions for added equipment.

Smart value isn’t just about price, it’s about the benefits that matter when things go wrong.

Could Increasing Your Excess Reduce Your Premium?

If you've built a buffer for smaller claims, raising your policy excess might reduce premium costs.

But be realistic:

• Only increase the excess to a level you can comfortably cover without disrupting cash flow.

• Ensure you have funds readily available. There’s no point saving on premium if you can’t pay a claim later.

This approach helps protect your bottom line long-term.

When Was Your Policy Last Remarketed?

Markets shift and so must your coverage. 

Ask your broker:

• How frequently is your insurance put back on the market?  Ideally, every 1–2 years.

• Has your policy been benchmarked recently?  You want to feel confident your insurer is competitive on both price and coverage.

This step helps ensure you're not stuck in outdated, overpriced insurance.

Is Your Business Description Correct?

Many claims are denied because the policy information is inaccurate.

Discuss these details:

• Occupation details: Does your policy accurately describe your industry or services?

• Insured entity: Ensure your legal business name (ABN entity or trustee) is correct. Incorrect naming can void coverage.

Investing time in accuracy now prevents public claim trouble later on.

Are You Properly Insured Across All Risk Areas?

Before you sign on the dotted line, ask your broker:

• What scenarios does this policy protect?  Does it cover natural disasters, cyber risks, or supply chain interruptions?

• Is business interruption insurance included?  A key safeguard for loss of income during a shutdown.

• What about additional risks specific to your sector?  For example, product liability for retailers.

Covering all bases can't be underestimated as missing a section could leave your business exposed.

Are You Avoiding the Pitfall of Being "Penny Wise and Pound Foolish"?

It's tempting to cut costs, but that’s not always wise. Cheaper premiums at the expense of wide enough coverage is a risky game.

• If your site floods or a supplier fails, can your policy cover you?

• Will a substandard claim settlement impact business recovery?

Proper cover helps provide peace of mind, not just short-term savings.

Do You Have a Plan for Claims Management?

A good policy is one thing, but how easy is it to claim?

Ask your broker:

• What’s the claims process, and how quickly can we expect a payout?

• Do they offer claims support or mediation services?

Business recovery is just as much about the support you receive post-claim as the policy you bought.

Getting the Most Out of Your Business Insurance

Taking time to review your business insurance might not be thrilling, but it’s one of the wisest actions you can take as a business owner. Your insurance should be a protective guard, not a headache.

Next Steps

1. Book a review meeting with your broker well before renewal.

2. Bring these questions to the table and your current policy.

3. Ask for alternatives, especially if you’ve experienced changes in your business.

   
   

Ready for Expert Guidance?

If you'd like help navigating your insurance options, comparing policies, or ensuring you’re fully protected, get in contact with us today. We're here to answer your questions and help protect your business, your people and your peace of mind.

Disclaimer:

The information and advice provided by Broad Risk Insurance Brokers is general in nature and does not take into account your individual objectives, financial situation, or needs. You should consider whether the advice is appropriate for you and read the relevant Product Disclosure Statement (PDS), policy wording, and Target Market Determination (TMD) before making any decision about purchasing, renewing, or cancelling an insurance policy. If you require personalised advice that considers your specific circumstances, we recommend speaking with one of our qualified insurance brokers. For more information, please contact us at warren@broadrisk.com.au or visit our website at https://www.broadrisk.com.au