Corporate Insurance Renewal: 8 Things to Consider

Corporate risks come in many guises. From natural disasters and cyber crime to poor conduct and penalties for non-compliance, the myriad of risks facing corporations are seemingly endless and ever-evolving.

Unexpected mishaps can pop up at any time, potentially leading to detrimental outcomes even for organizations with the most robust balance sheets. Therefore, having the right types of corporate insurance coverage in place is hugely important, besides having the right risk management strategy.

So, without further ado, this Pacific Prime article focuses on the top eight things businesses should consider before the corporate insurance renewal period.

What Do Companies and Business Owners Need to Know About Corporate Insurance?

Business owners must know that when operations change (new locations, products/services, clientele), current insurance may not sufficiently safeguard against potential risks and mishaps. Companies should review insurance coverage periodically to ensure adequate protection as their business evolves.

Other times, it could also be that they’re paying for coverage they don’t necessarily require. Striking a balance is, therefore, imperative.

8 Things to Consider Before the Corporate Insurance Renewal Period

An annual review of your corporate insurance solutions is a sensible idea to not only maintain robust coverage for your company and staff but also to control costs and test the market. 

The corporate insurance renewal process, however, can be time-consuming, so it’s important to start your research early to ensure there is ample time before the renewal deadline to determine if any changes to your policies are required.

The needs of each business will, of course, vary according to their size, industry, location, and operations. Here’s a general list of the 6 things to consider before the corporate insurance and employee benefits renewal period:

1. Does the Provider Offer Flexible Benefits and Levels?

Even what was originally the best-fitting corporate insurance plan can become irrelevant over time. A good corporate insurance and employee benefits provider will work with you to ensure changes are made if, and when necessary. 

This can be for a number of different reasons, such as cost containment, changing employee demographics (e.g. growing number of millennials), new office locations, etc.

Renewing corporate insurance can be a tricky task, but ensuring you’re with a proactive provider and corporate insurance broker can go a long way in making the process much, much easier.

2. Is Your Current Health Insurance Plan Offering Good Value?

Ideally, insurance should provide coverage when needed, but there should also be times when it is not actively used, indicating effective risk management practices.

Review the amount of insurance coverage your team has used and estimate the expected premium increase for the upcoming insurance renewal period. Analyze your workforce’s demographics, such as age, composition, and valued services, to tailor your employee benefits strategy accordingly.

Inevitably, premiums for health insurance plans tend to go up each year due to inflation and the increasing costs of advanced healthcare and prescription drugs. Thus, you may need to reevaluate your health insurance plan to ensure you’re receiving the best value for money.

3. What Ancillary Benefits Can You Offer?

Many businesses use this time to evaluate their entire benefits package, which offers two significant advantages.

Firstly, ancillary benefits promote preventative measures that can reduce healthcare costs. In the United States, for example, 75% of healthcare spending goes towards preventable chronic conditions. 

Additionally, benefits like discounted gym memberships, access to mental health services, or flexible work arrangements can contribute to maintaining a healthy and motivated workforce.

Secondly, reconsidering ancillary benefits can help you find more money to renew the business’s health insurance plan.

For instance, if the company has adopted a permanent work-from-home policy, there will be no need to subsidize commuting costs. Reallocating that to your budget for health insurance can help businesses offer better benefits, retain top talent, and maintain a healthy bottom line.

4. Is Your Business Offering New Products/Services?

If your business is planning to or has recently introduced new products/services, it would be a good idea to secure a professional liability insurance policy or review your current plan if you already have one.

5. Have You Moved/Opened an Office in a New Location?

Operating or expanding in a new location likely requires adjusting your corporate insurance. Your property insurance, for example, may need to be updated to cover your new office(s), as well as your new pieces of equipment.

As such, if you plan on opening an office in a new country, it’s important to bear in mind that compliance requirements (e.g. health insurance law, the GDPR) may also need to be met. 

For example, In Dubai, employers are legally required to offer their staff Dubai Health Authority (DHA) compliant group health insurance coverage.

6. Has There Been a Change in the Makeup of Your Staff?

If there are changes to the number of employees—or the employment status of your staff—you might want to review your worker’s compensation insurance, which covers losses resulting from illness/accidents arising during the course of your staff’s employment (e.g. loss of salary).

7. How are Your Staff Engaging with Your Group Health Insurance Offering?

Having an ill-fitting group health insurance policy in place can lead to poor engagement. For example, if your workforce is mostly made up of university graduates, there’s a high chance that most of your staff will not need maternity benefits early on in their careers.

8. Has the Nature of Your Business Changed?

Businesses’ risk landscapes are ever-evolving. For example, with the world going increasingly digital, the entire structure of the majority of businesses is shifting, leaving them more vulnerable to cybercrime-related risks like hacker attacks on databases.

When reviewing your corporate insurance, it’s important to conduct a proper risk assessment to determine whether your policies cover new risks that may threaten your business operations.

Why Should Your Company Renew Corporate Insurance?

Every business has several policies that safeguard them against risks and lawsuits, property damage, injuries, and cyberattacks. These policies need to be revised and renewed annually to protect your business.

Renewing your corporate insurance policy in time has numerous benefits for both professionals and companies. Now, let’s take a look at the benefits of renewing your business insurance in time.

Non-Stop Protection

The main benefit of renewing your corporate insurance policy in time is that the coverage never stops. The coverage will resume from the date the policy ends, so there is no waiting period. The seamless coverage will ensure that your company is always protected and is prepared for another year.

If the coverage is renewed at the last minute, or right after the policy ends, there will be delays and long processing periods. Businesses going through a claim during this period may have to pay everything out of their pocket, too.

Review Insurance Coverage

Over time, companies may not remember all the details of their insurance coverage, especially if they haven’t had to make a claim. Thus, renewing corporate insurance will remind companies about what their policies cover and the circumstances they are protected from.

For example, a burst pipe could ruin a few computers and other electronic equipment. Renewing your policies will make your company ready to handle unforeseen circumstances like these. As such, the company will be reimbursed and recover without financial loss.

Opportunity to Increase Cover

Numerous things can happen in the space of a year for businesses. Your company might see an increase in assets, employees, and products. Every time a business grows, so do the risks. Thus, this is the perfect time to increase coverage on the existing policies.

Your company may need to increase coverage for employee compensation insurance and increase liability insurance. The premium that comes along with the coverage increase will be increased, but it’s worth it more often than not.

All in all, an old policy with limited coverage might not cover all the risks that come with the new assets, products, or employees.

Upgrade Risk Management Strategies

This is the perfect time to talk with your insurers about the new risks and policies, so they can understand if some uncommon policies or packages can cover the unforeseen risks and outcome.

For example, the increasing number of cyber-attacks has led many companies to secure cyber insurance policies. Although not required, cyber insurance can help businesses avoid major financial losses from cyber threats. 

Making a Decision When Renewing Corporate Insurance

Whilst you can go through the corporate guides to brush up your knowledge of employee benefits and business insurance, as well as the corporate insurance renewal process alone, the best way to enhance your renewal process is to engage the help of a specialist.

With over 20 years of reputation as one of the world’s leading employee benefits and corporate insurance brokerages, Pacific Prime’s corporate team is on hand to offer a unique approach to renewals that puts your company at the center of all our decision-making.

We’re not just like any other broker; partnering with us grants you access to a wide range of value-added benefits like renewal negotiations at no extra cost versus going direct to the insurer.

Contact our team to get started with and get a free quote!

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Veerabhatr Sriyananda

Content Writer at Pacific Prime

Veerabhatr is a content writer with over 6 years of experience with a particular penchant for storytelling and marketing, both in print and online. He now works with an experienced team of writers at Pacific Prime, aiming to shed light on the essence and benefits of insurance for companies and individuals by creating engaging, informative content across multiple platforms.

After obtaining his Bachelor’s Degree in Social Sciences, International Relations from Mahidol University International College, Veerabhatr has forged his career as a content writer in the travel, lifestyle, and real estate industries, writing in both English and Thai. He now continues to hone his skills as a writer at Pacific Prime, looking to engage and educate the audience by simplifying insurance.

Writer by day, and a DJ by night, Veerabhatr is a staunch music lover, and listens to all spectrums of genres available. He also loves to drink beer (moderately), eat all types of food, go to the beach, and learn about different cultures across the globe. He is also a die-hard fan of football and motorsports.

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