This guide provides 7 key steps that mid-sized to large businesses may take with a broker when renewing an insurance program in the current challenging market, to achieve optimal insurance outcomes.

Commercial insurances across sectors and insurance classes have continued to be subject to challenging premium price pressure and decreased or selective availability from insurers, so insurance renewals are best managed in a structured and proactive way via these 7 key steps.

1. A strong client and broker relationship and business understanding

Your relationship with your insurance broker and their relationship with providers in the insurance market are of critical importance. It's imperative that your broker understands your organisation and knows the individual risk exposures associated with your business. This enables them to design a fit for purpose insurance and risk program, ensuring you get value for money with the correct coverage in place.

2. Prepare for renewals early, at least 3 months prior

Most mid to large businesses have multiple insurance covers and areas of complex risks so adequate time is needed for the client, business and broker to work on the renewal plans of your insurance program.

Building in a longer lead time allows time to gather the relevant and comprehensive information for adequate risk assessment to develop insurance program options, and for your broker to properly market your insurance program to, and negotiate with, potential insurers. This is key to presenting your business in the best possible light and enables a more effective result in the challenging insurance market.

3. Review choice of insurer/s

While most insurers are well established and have numerous risk and insurance offerings, their underwriting appetite and risk assessment considerations do vary. It is important to review and reconsider the right insurers for different business needs — this involves consideration of which insurers will provide the best support and performance for your business and be the right fit for the individual risks and exposures associated with your business.

Your broker can advise and assist with insurer selection by assessing your insurer on their past performance, underwriting approach, responsiveness and how they handle and respond to claims in the current environment.

4. Document the business's risk profile and risk mitigations

Being prepared with documentation of business risk exposures and risk management protocols is critical work to undertake with your broker. In challenging market conditions insurers expect and require more information for underwriting assessment. Collect and collate accurate, up to date building valuations and risk surveys. Insurers will also want to see your business's risk control processes, supply chain management and a pro-active risk management approach.

Work with your broker so that they can present your business risk profile and insurance needs to potential insurers in a structured and tangible manner and positively demonstrate risk responsibility.

5. Consider different and new insurance program structures

As conditions and options in the insurance market are constantly changing and highly responsive to claims impacts and risk forecasts, the optimal insurance program structure for any business will look different over time, from renewal to renewal.

There are many flexible and variable aspects of a business insurance program that brokers can leverage to customise your insurance such as:

  • changes to pricing, deductibles and coverage levels
  • creative solutions for high risks where the insurance market may be unwilling to offer adequate protection
  • co-insurance, depending on the level of risk your business may be willing to take on the balance sheet ‒ another important factor to review with your broker.

6. Local and international insurance access

Large organisations and those with specific or hard to place risks benefit from access to a wide range of insurers from both local markets and overseas. Gallagher brokers access London and Singapore based insurers and can provide capacity for some types of risks that may be difficult to place with local Australian based insurers, so having access to wider options from global markets and a flexible approach to working with insurers can be a key advantage.

7. Broker expertise to balance secure cover on optimal market terms

The extent that your renewal will be affected by market conditions depends on each business's risk profile, claims record, strategies for risk management and the capabilities of your insurance broker, and in the current insurance landscape most organisations should be prepared to see experience increases in premiums.

We work with a large variety of businesses, each exposed to unique risks and dealing with individual risk and sector challenges and circumstances. As one of the leaders in risk management, we remain fully committed to supporting businesses through these uncertain times and offer confidence that we can provide support with expertise and solutions in insurance program outcomes.


Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient's industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers' control.

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