The insurance market continues to change over the years as unprecedented losses suffered by insurers and the COVID-19 pandemic impact the industry. Because of the changes, side effects to policyholders can come in the form of insurers reducing cover or increasing premiums. ACAPMA Insurance has developed five tips that members can use when preparing to compare insurance cover at renewal time.

  1. Start early: Given the current impacts on insurance market conditions, your broker should contact you three months before insurance renewal to discuss business changes and to ensure they have an up-to-date understanding of your evolving business risks. 
  2. Test your risk appetite: It’s never been more important, to review your insurance in detail, making sure the limits of cover and current claims excesses match the business’s risk appetite. Whether that’s ensuring limits of cover match the current state of your company or determining business tolerance for a higher claims excess to generate some premium relief.
  3. Quality insurance submission: It’s paramount your broker presents your business to insurers in a way that positively differentiates your business from others. Generally speaking, the better the insurance submission, the better the renewal premium outcome.
  4. Stick to agreed milestones:  Your broker should be presenting your insurance renewal offering two weeks before the expiry of your insurance. This timeframe allows businesses to make considered and informed decisions about their insurance cover.

Tip: The  Insurance Contracts Act 1984 (Cth), stipulates that the renewal process has to be instigated in writing by your current provider 14 days before the contract of general insurance expires.[1]

  • Good Claims Performance: Amongst other rating factors, insurers primarily use claims performance in determining the overall premium. It’s recommended that a business incorporates strong risk management practises to mitigate the likelihood of avoidable claims. It is also a good idea to ensure your broker has finalised any Open or Recoverable claims, if not they could be counted in the insurer’s premium calculations. 

It’s important to remember to assert your rights as a consumer as you choose and compare insurance offerings. 

Please give the ACAPMA Insurance team a call on 1300 193 297 to arrange a no-obligation review or insurance quote so that you are in the best possible position to compare your current offering.

Alternatively, if your insurance isn’t due to be renewed for a while then simply email your details and your renewal date to acapma@marsh.com and we will schedule a call back to discuss your renewal four weeks before your insurance falls due.

© 2020 Marsh Advantage Insurance Pty Ltd. All rights reserved.


This article contains general information and does not take into account your individual objectives, financial situation or needs. For full details of the terms, conditions and limitations of the covers, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh Advantage Insurance on request. Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) arranges the insurance and is not the insurer.

Australasian Convenience and Petroleum Marketers Association receives a financial benefit when an insurance policy is arranged by Marsh enabling it to continue to provide further services to the fuel and convenience industry. LCPA 20/486


[1] Source: Insurance Contracts Act 1984 (Cth) – Sect 58