Key Questions to Ask Your Broker During an Insurance Review

An insurance review shouldn’t be a once-a-year formality it’s an opportunity to ensure your cover keeps pace with your evolving risks, growth and changing market conditions. Asking the right questions helps you understand not just what you’re covered for, but why your cover is structured the way it is. Below are the key questions every business should ask their broker during a review.

1. Has My Business Changed in a Way That Affects My Cover?

Business growth, new services, additional locations, or changes in turnover can all impact your risk profile. Ask your broker:

“Have you considered recent changes in my business operations?”
“Are there areas where my current cover might now be inadequate?”

This ensures policies align with your actual exposure — not outdated assumptions.

2. Are My Sums Insured Accurate and Up to Date?

Replacement and reinstatement costs change over time, particularly with inflationary pressure on materials and labour.

“When was the last time we reviewed building and contents valuations?”
“Are sums insured indexed to reflect current costs?”

Accurate sums insured help avoid underinsurance and unexpected shortfalls at claim time.

3. What Are the Main Exclusions and Limitations in My Policies?

Every insurance policy includes exclusions — events or circumstances that aren’t covered. The details matter.

“Can you explain the major exclusions in simple terms?”
“Are there any gaps between my different policies?”

Understanding exclusions helps uncover blind spots before they become problems.

4. Am I Paying for Cover I Don’t Need — or Missing Cover I Do? Exclusions

Some businesses accumulate unnecessary or outdated covers over time.
- “Are all the covers I have still relevant to my current operations?”
- “Are there optional covers I should consider adding?”
This can help optimise both protection and premium. out cover — such as adding new services or engaging contractors — these changes may affect whether a claim is accepted.

5. How Are Premiums Calculated and Can They Be Managed Better?

Premiums are influenced by industry trends, claims history, risk controls, and broader market factors.

“What factors have driven changes in my premium?”
“What steps can I take to reduce future premiums without losing essential cover?”

A proactive discussion can lead to smarter risk management.

6. What Happens if I Need to Claim?

The quality of claim support can be as important as the cover itself.
- “Can you walk me through your claims process and how you support clients?”
- “Are there real-world examples of how claims were handled for businesses like mine?”
This helps set realistic expectations and builds confidence in your broker’s support.

7. How Do You Benchmark My Cover Against the Market?

Insurance offerings and pricing can vary significantly between providers.
- “Do you benchmark my cover with other insurers?”
- “Are there alternative products that might offer better value or broader protection?”
A good broker actively compares options, rather than relying on the status quo.

8. How Often Should We Review My Insurance Going Forward?

Risks evolve, and so should your insurance.
- “What review frequency do you recommend based on my risk profile?”
- “What triggers should prompt an earlier review?”
Trigger points can include business growth, new contracts, equipment purchases, or regulatory changes.

Final Thought

An insurance review is more than ticking a box, it’s a strategic conversation about how to protect your business effectively. By asking purposeful questions, you gain clarity, uncover hidden vulnerabilities, and ensure your cover truly matches the risks you face.
If your next review is approaching, use this checklist as your conversation starter, and make sure you walk away with both understanding and confidence in your insurance.