QUESTION 3:
I’ve heard from colleagues in the industry who say premiums really soar at renewal times. Can I switch insurance company every year to get a better deal?

ANSWER:
It is possible to switch insurer for a better deal at any time, but you should take care before jumping ship. Claims can arise long after the event that triggered them and in many cases you need the indemnity policy to be running both at the event and at the claim to get full cover. Your new insurer should take past problems on board when it accepts your business, even if claims have yet to be made. But it is worth having this confirmed just in case. Some insurers offer other benefits - More Than, for example, promises retroactive cover for businesses that weren’t previously insured. The bad news is that changing insurer might not mean you can avoid big cost increases when your policy comes up for renewal. A sudden burst of bad claims in your business sector may mean that every insurer has dramatically increased rates so there are no longer any cheap deals to be had. Shopping around will always make you feel you aren’t paying over the odds. But it can’t always produce big cost savings.