10 things every business should do before their next commercial insurance renewal

Stay ahead of the curve and avoid unforeseen costs with these essential pre-renewal checks

Nearly 73% of brokers are concerned their clients are underinsured¹ – a clear reminder that renewing your commercial insurance shouldn’t be seen as a routine admin task. Instead, it’s a valuable opportunity to reassess your cover, reduce risk exposure, and ensure your policy continues to reflect the current needs of your business. As your broker, we’ll be by your side throughout the process – from reminding you of key insurance renewal timings to helping you review your policy in detail and secure competitive terms. But there are extra steps you can take to strengthen your position and unlock more value.

Here are ten ways to get the most from your insurance renewal, ensuring your cover keeps pace with your business.

1.    Start the process early – we’ll keep you on track

Early preparation gives you room to make the right decisions. By ideally initiating the process 60–90 days before your renewal date, you allow for a proper review of your cover and time to explore market options. As your broker, we’ll flag your upcoming renewal dates and ensure you stay ahead of deadlines. This lead time gives us more flexibility to secure better pricing and tailored cover and ensures nothing is missed in your business insurance renewal checklist.

2.    Review your commercial insurance policy carefully

This is an essential step in your insurance renewal checklist. We’ll guide you through your policy documentation, but conducting an internal review can help you spot anything outdated or unclear that you may want to discuss with us. Understanding what’s covered (and what’s not) ensures we’re aligned in updating your cover. This step is key in how to prepare for insurance renewal, helping avoid underinsurance and making sure your policy aligns with your current business activities and risk profile.

3.    Update insured values and business details

Accurate data leads to better protection and fewer surprises — your sums insured should reflect the true, up-to-date value of your assets and operations. It’s concerning that only 26% of clients regularly use a professional survey to determine their sums insured² – leaving many exposed to inaccuracies and reliance on guesswork. We’ll ask for updated figures, but reviewing your own asset register, property values (usually via a rebuild cost assessment), stock levels, and turnover gives us a clear, accurate picture to work with. This supports smoother claims handling and ensures your business won’t be caught out by inaccurate commercial insurance valuations.

4.    Let us know about any changes in your business

Any change in operations can affect your insurance needs. Have you introduced a new product, opened new premises, or grown your team? Even small changes can impact your risk profile — particularly in today’s climate of rising costs. With increases to overheads such as UK National Insurance contributions and persistent inflation, many businesses are evolving faster than their cover reflects. Despite this, 40% of clients didn’t increase their sums insured at all in 2024, and 26% made only partial updates³. This is particularly important for businesses searching for how to review business insurance after growth or structural change.

5.    Reflect on claims history and risk improvements

We’ll help position your risk in the best possible light. If your claims history has improved or you’ve invested in training, security, or health and safety, we can present this positively to insurers. It shows that your business is proactively managing risk – a key consideration when negotiating commercial insurance renewal terms. These measures can also contribute to more favourable premium rates and demonstrate long-term risk maturity, which insurers value when assessing cover and pricing.

6.    Think about new or emerging risks

Make sure your cover reflects today’s challenges. Modern risks like cyber threats, business interruption from supply chain disruption, or climate-related events aren’t always included in traditional policies. With the average cost of a cyber-attack for a medium and large-sized UK business billing companies roughly £10,830 per breach⁴, and average recovery taking approximately 24 hours, continually evolving cyber threats could expose your business to steep revenue losses and potential reputational damage. Additionally, in 2023, UK weather-related insurance claims reached a record £573 million5, driven by multiple storms, highlighting the increasing impact of climate-related events. We’ll help you assess whether additional cover – such as cyber insurance for UK businesses – is needed, but identifying concerns early helps us explore the right protection.

7.    Get input from across your team

Operational insights help us as brokers to build a clearer picture when reviewing your policy detail. By you engaging with your internal finance, HR or operational leads, you’ll highlight important changes we should be aware of — from new assets and staffing shifts to contract changes or altered service delivery. This ensures your renewal reflects the real-world operations of your business – a must for anyone looking to tailor insurance to evolving risks and avoid unnecessary or duplicated cover. By involving the right people internally, you can help us build a more complete and accurate picture – and ultimately secure more appropriate protection.

8.    Keep an eye on market trends

We benchmark your policy against market trends and similar businesses, using our insight into current rates, coverage levels and insurer appetite. But if you're hearing new concerns in your industry – whether it’s regulatory changes, cyber exposures, or client contract requirements – let us know. Combining your sector insight with our data helps shape a renewal strategy that’s not just reactive but proactive and future-ready. This matters for companies wanting to compare business insurance renewal options or understand how others in their sector are adapting their cover. When businesses align their internal knowledge with broker benchmarking, they gain a more complete picture of what ‘fit for purpose’ insurance looks like in their industry – and where there's room to save or strengthen.

9.    Connect insurance to your broader business strategy

Your insurance works best when supporting your wider commercial goals, integrated with your business planning. Whether you’re expanding, hiring, investing in sustainability or reviewing benefits, we can align your insurance with your broader strategy. NFP also offers support in areas like employee benefits, health and safety, HR, and financial planning – all of which can impact your risk profile and business resilience. This holistic approach is ideal for those wanting to review commercial insurance alongside other risk services.

10.   Use your renewal as a strategic opportunity

Treat it as a chance to improve – not just renew. We’ll manage timelines, liaise with insurers and guide you through each step. But by actively engaging in the process and viewing renewal as a strategic opportunity, you can unlock greater value – whether that’s improved cover, more competitive pricing, or a better-aligned risk profile. It’s not just renewing your business insurance; it’s investing in your business resilience for the year ahead.

When we work together to review what’s changed, what’s working, and where there’s room for improvement, we can help ensure your insurance does more than just tick a box. It becomes a tailored layer of protection that supports your growth and stability.

Your next steps towards smarter business protection

Your insurance renewal is more than an annual task – it’s a strategic checkpoint. With NFP’s help and a few proactive steps from your side, you can approach your renewal with confidence. We’ll ensure everything stays on schedule and nothing is missed – but by reviewing your policy, sharing updates, and considering how your insurance fits into your wider plans, you’ll get the most from your policy and the best possible value.