Article
Five Signs Your Insurance Program Has Not Kept Up With Your Business
Topic
Commercial InsuranceAuthor
Shane StewartCompanies often outgrow their insurance broker before they realise it. Here are five warning signs your program needs a structural review.
Most companies don't switch brokers because of a single event. They switch because the gap between what their business needs and what their broker delivers becomes impossible to ignore.
Here are five signs it may be time for a structured review.
1. Your broker cannot explain how your program responds to your key contracts
If your broker hasn't reviewed your head contracts, subcontract agreements or principal-imposed insurance requirements in the last 12 months, there's a reasonable chance your cover doesn't align with your contractual obligations. This is especially common in construction and mining, where contract terms vary significantly between principals.
2. You're still on the same insurer panel as three years ago
A proactive broker should be testing the market regularly — not just at renewal, but strategically when market conditions shift. If your program has renewed with the same insurer on the same terms for multiple years, you may be paying more than necessary or missing better coverage options.
3. Your business has grown but your declared values haven't been reviewed
Revenue growth usually means more assets, more sites, more people and more contractual exposure. If your sums insured, business interruption indemnity periods and liability limits haven't been reviewed alongside your growth, you're likely underinsured in areas that matter.
4. You've never been offered surety bonds as an alternative to bank guarantees
Many brokers don't have surety capability. If your broker has never raised surety bonds as a way to free up capital tied in bank guarantees, they may not have the expertise or market access to offer this option.
5. Claims feel like they're handled by administration, not advocacy
When a significant claim hits, your broker should be managing the process, negotiating with insurers and protecting your commercial position. If claims feel transactional — lodged and left — that's a service gap that costs you money.
What a program review looks like
A structured insurance program review takes around 30 minutes. We assess your current coverage against your contracts, assets, revenue trajectory and sector-specific exposures, then identify gaps, inefficiencies and opportunities to improve both cover and cost.
