Commercial insurance enquiries for a broker, beyond price alone

2 days ago
3 min read

Updated: 2 days ago

Introduction

Commercial insurance is bought once a year, usually in a hurry, usually when the renewal invitation arrives with an increase on it. Outside that window a business has no reason to think about its broker at all, which makes the timing of any approach more important than its content.

That gives the whole market a rhythm. Every business has a renewal date, those dates are knowable, and the broker who is in front of a business six weeks before theirs has a real chance while everybody else has none.

The other reliable route is professional introducers, who encounter businesses at the moments their cover becomes inadequate.

Advice standards, disclosure and commission rules differ by jurisdiction — check your own regulator's requirements before changing how you approach anything.

Commercial insurance enquiries for a broker follow renewal dates

The date is the opportunity and it is the one piece of information worth collecting.

Capture the renewal month of every business you speak to. Even the ones who say no. That is a diarised approach for next year rather than a wasted call. One field on the record is all it takes.

Approach six to eight weeks out. Early enough to gather information and market the risk properly, late enough that the business is thinking about it. Ask for the current schedule at that point.

Never approach in the final week. A rushed quote against an incumbent who has had months is a poor use of everybody's time. Take the date and come back next year instead.

Keep the list even when you lose. A business that stayed put this year is a warmer prospect next year, particularly if their premium rose again. Note what they paid and by whom.

Build the introducer relationships

Other advisers see the exposure before the business does.

Accountants. They see the accounts, the asset values and the turnover changes that make existing cover inadequate. Ask them to flag clients whose turnover jumped.

Solicitors. Contracts frequently require specific cover, and somebody has to arrange it at short notice.

Banks and lenders. Finance conditions specify insurance. That is a mandatory, time-bound requirement with a named deadline.

Trade bodies and associations. Sector-specific cover is a natural fit and the association has the audience.

Compete on the risk, not the premium

Price is the easiest comparison and the worst ground to fight on.

Ask about the business, not the policy. What they do, what has changed, what would stop them trading. That conversation finds the gaps the incumbent missed.

Point out what is not covered. Business interruption limits, cyber, underinsurance on reinstatement values. This is genuinely useful and it differentiates you immediately.

Explain claims handling. Businesses that have had a bad claim experience care about this more than price, and most brokers never mention it.

Keep the clients you win

Broking is a book, and books leak quietly.

Contact clients between renewals. One or two conversations a year prevents the renewal being a competitive event.

Review when their business changes. New premises, vehicles, staff or activities all create uninsured exposure and a reason to talk.

Handle claims visibly. The claim is the product. A client who was well looked after during one does not shop the following year.

Conclusion

Collect the renewal month of every business you speak to, including the ones who say no, and approach six to eight weeks before it — that single discipline turns cold calling into a diarised pipeline.

Build introducer relationships with accountants, solicitors and lenders, who see inadequate cover before the business does and frequently work to a deadline. Then compete on the risk rather than the premium: ask what would stop them trading, point out what their current cover excludes, and explain how claims are handled. Keep the book by talking to clients between renewals and being visible when a claim happens. Confirm your own regulatory obligations before changing your approach.