Contractor Guides

What to look for in an insurance renewal

If your business insurance is coming up for renewal, it’s easy to either be complacent or to panic. Complacency often results in…

Author Photo by Kingsbridge

If your business insurance is coming up for renewal, it’s easy to either be complacent or to panic. Complacency often results in contractors paying more for their cover than they should, while not getting exactly what they need from it. Panicking, meanwhile, achieves little more than stress over what is a relatively simple, albeit important decision.

So, to help stop you slipping into either of those categories, we’ve come up with a straightforward guide on what to look for in your insurance renewal, helping you make the decision to stick or twist.

Has the price jumped up?

It’s always galling when you get your insurance renewal quote and it’s inexplicably hiked up, often by a considerable amount. You’ve not made any claims, your circumstances haven’t changed, but suddenly your premium is much bigger and, usually, no one can give you a clear explanation as to why.

If this happens, it’s always wise to see if you can renegotiate a premium that you’re happier with, or else shop around for a new contractor insurance provider who can offer you a better product and price, as well as the knowledge that prices won’t suddenly start to creep up.

Kingsbridge is proud to say that it has held its own prices this year, so that contractors coming up for renewal will not see an increase unless there’s a change to their circumstances.

Is there an option to add additional cover if required?

Business insurance can be a bare bones affair of just Professional Indemnity and Public Liability cover, or it can be a full-service package that also includes Occupational Personal Accident cover, Employers’ Liability cover, and Directors’ and Officers’ Liability coversuch as that offered by Kingsbridge.

However, there are some insurance products that some people want and others don’t, so it’s useful to have the option to add these as extras to your business insurance package. When it comes to renewal time, check if your insurance gives you the option to add on products such as IR35 covercyber liability protection, or even health insurance in order to make your insurance as unique as you and your business.

If you’re confused about which insurances you may need, ask for more information and have a think about what does and doesn’t affect you. For instance, if you are liable to be affected by the IR35 reforms, then IR35 cover from Kingsbridge can protect everyone in your contractor supply chain, as well as making you a less risky prospect for an end client.

Cyber liability insurance is a must if you work with sensitive or secure information, while health insurance through your business can help look after both you and your family’s most important asset: your wellbeing.

Are the reviews good?

If you’re shopping around for a new insurer for your business, do remember to check out the customer reviews. An insurer might be offering you an attractive price, or great incentives, but what is the after-care like? Do they answer questions knowledgably? Do they deal with any issues promptly? And how many reviews do they have? A five-star rating is great, but if it comes from just 10 people, is it a realistic representation?

Kingsbridge has a score of 4.8 out of 5 from 1,755 reviews with Feefo, and we have been awarded their Platinum Trusted Service Award for consistently delivering excellence. You can read our reviews and see our ratings on our site’s reviews section.

We’re always striving to improve our service and learn from our customers, so we take their reviews seriously. But we’re also pleased to know that so many of our customers are happy with the service we’ve provided, and are also happy to share that with others.

So, if your business insurance is up for renewal and you’re looking for more info on what Kingsbridge can offer, or if you’d like a quote, you can call our expert, friendly team on 01242 808740, who can talk you through our contractor insurance package and optional extras, or get a quote online by completing our simple form.

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