As a specialist insurance broker, we wanted to share some tips and advice to think about when you are renewing your insurance.
Plan your renewal in advance
We suggest that care homes start making arrangements with their broker 90 days in advance of the business renewal date. It’s a good opportunity to tell them about what is happening in your business, such as changes to service users, income, etc so that they are able to obtain the renewal quotation on the correct basis. The COVID-19 pandemic, and the new variants that we are seeing, means that insurers can no longer treat communicable disease as something that is unexpected, it’s something we may have to live with for the foreseeable future, much like the flu. Speak to your broker and see what measures they may still have in place within their policy and what may no longer be covered.
Understand what additional information may be needed
In a market that is shrinking, you may be asked by insurers to submit extra information about your business, such as an infection control questionnaire, provide CQC actions plans or details of the number of recent COVID-19 deaths. You should also be prepared to provide additional information to your broker for them to obtain an alternative quote, should your current insurer stop offering renewal terms. These could include your business plan, statement of purpose and director’s CV’s.
Keeping your records up to date
Make sure that your policies and procedures are robust in terms of being able to defend a potential claim; insurers will always expect that you are acting with reasonable care. Can you fully demonstrate that you have undertaken necessary risk assessments, staff training, care plans etc and that this is all suitably documented? If you are able to evidence that you have been complying with the latest guidelines, you will most likely be able to defend any claims. It is however worth mentioning that, although you may successfully defend any claims made against you, you will most likely have to pay for the defence costs of any claims, including solicitor fees.
To find out more about how to best approach your insurance renewal, and how we may be able to assist your business, call our team of experts on 01438 739280 or email firstname.lastname@example.org. You can also visit www.towergateinsurance.co.uk to find out more about the services we can provide to the social care sector.
All cover subject to insurers underwriting criteria. Full terms and conditions available upon request.
Towergate Insurance is a trading name of Towergate Underwriting Group Limited. Registered in England No. 4043759. Registered address: 2 Minster Court, Mincing Lane, London EC3R 7PD. Authorised and regulated by the Financial Conduct Authority.