Care providers: Negotiating your insurance renewal in a difficult climate


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It has been widely publicised that the insurance market has reacted in a number of ways to the potential increase in the frequency of insurance claims in the wake of the COVID-19 pandemic.

It’s more important than ever that you, as operators, prepare in good time for your insurance renewal to ensure you obtain satisfactory terms.

At Howden we recommend considering the following in advance of your renewal:

  • Early engagement. Ask your broker for advice on potential options and make sure that you understand your position ahead of your renewal. This is vital to ensure you make an informed decision when planning ahead. Certain timeframes will be required when approaching the market. Your broker will potentially be speaking to more than one insurer this year in order to seek competitive terms, and this may take some time.
  • Plan in some time to complete additional renewal forms. Insurers may well require extra information from you this year, such as proposal forms for alternative quotes or more information surrounding your infection control procedures. A timely submission of forms may open up more options for you. We advise you to consider your financial forecasts in advance so you have this information ready, along with any other revisions to requirements for the coming insurance period.
  • COVID Reporting. Ensure you discuss any incidents of COVID amongst your service users and staff with your broker. They may need to report these to insurers before your renewal date as a precaution and the information will be a ‘material fact’ for any new insurer who is looking to provide you with terms.
  • Importance of favourable regulatory inspections. Fewer insurers will now consider operations where the latest inspection rating deems the operation to be in requirement of improvements, as they perceive a heightened exposure to claims. If you are in this position, it is essential that you engage with your insurance broker early. We would recommend having your action plan available with surrounding commentary on improvements that have been made. Having this information available from the outset could help secure terms.
  • Budgeting. In many cases, insurance premiums are increasing considerably across the sector. Speak to your broker about what to expect so you can prepare. You can also discuss options for paying monthly with your broker, looking at the interest rates available.
  • Careful review of terms. Be aware of potential new limitations or exclusions within your terms. Set time aside to review documents carefully with your broker, they will be able to carefully review the terms with you, pointing out any changes in cover and their potential consequences.

If in doubt, always call your broker to discuss, even if your renewal is not yet due.

At Howden we have a team of experienced account handlers who can help advise you at this difficult time.

Contact Howden’s expert team on: 0117 2051850 for more information