Many organizations have begun the year-end insurance renewal process. Insurance is a significant cost in the budget. As I have shared in recent days, 2023 will be more of a challenge than in the past.
The insurance sector is making preparations in many areas such as risk acceptance criteria, pricing tariffs and special conditions, taking into account the technical and financial results of the last period.
The most common issue in insurance renewals is that costs prevent the quality and adequacy of the insurance protection decided upon from being checked and designed according to the needs.
In the renewal proposals brought to the decision-makers' desks with detailed studies, the first place to look is always the total bottom sum.
As this year's bottom sums will increase and this situation is inevitable, it is the right time to make sure that the insurance budget you have allocated is correct and appropriate for your needs. After all, when we take out insurance, we are also deciding how we will be serviced in the event of a claim.
Contrary to popular belief, the notes and clauses in the policies do not always mean that a broad or special coverage is provided. Most of the clauses state the conditions under which the coverage will be valid, and these conditions should be checked in your business.
In order for insurance to be a dynamic risk transfer that goes in parallel with the running of the business, it would be appropriate to have a detailed analysis including your current and future goals, investments and liabilities. An analysis based only on policies may be incomplete.
Insurance companies will be able to submit most of their offers for 2023 after the 2nd week of December. You may not have enough time to make a decision. Therefore, to study alternative plans, you should first understand your insurance program and its dynamics well.
This has been at the forefront of my advice to managers of insured companies during my many years as an Insurance and Risk Consultant.
In summary, your focus should be on the suitability and quality of your insurance program for your risks.
Don't wait for a claim to see how your policy will work.
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