Your Insurance Renewal Guide - What to Expect and What to Check

Your renewal notice just landed in your inbox. Maybe you glanced at the premium, thought “that looks about right,” and moved on. Or maybe the number jumped and now you’re wondering what happened.

Either way, most business owners treat their insurance renewal like a set-and-forget exercise. Open the email, pay the invoice, move on. And that’s exactly how people end up underinsured, overpaying, or covered for things they no longer need while missing protection for things they do.

At Tank Insurance, our team manages the renewal process for our clients. In any given month, we’re reviewing and processing renewals across landlord policies, business packs, PI, public liability, strata, commercial motor - the full range. The process we follow is the same one we’re walking you through here.

What actually happens at renewal time?

Your insurance renewal is the point where your existing policy expires and you either continue with the same insurer or switch to a different one. It’s not just a price change - it’s a full reset of your cover for the next 12 months.

Here’s what’s happening behind the scenes when your renewal comes up:

What your insurer does

About 30 days before your policy expires, the insurer issues a renewal notice. This document shows your new premium, any changes to your excess, and any amendments to the terms and conditions.

What most people don’t realise is that the renewal notice isn’t just a bill. It’s a new offer. The insurer is reassessing your risk and deciding what they’re willing to cover and at what price. Sometimes the terms change. Sometimes exclusions are added. And unless you read the details (or have a broker who reads them for you), you might not notice.

What your broker does

When we receive a renewal notice for a client, here’s our process:

1. Review the renewal terms - not just the premium, but the policy wording, excess changes, and any new exclusions or conditions
2. Compare against last year - has the premium changed? Have the terms changed? Are there new restrictions?
3. Check the client’s situation - has their business changed since last year? New staff, higher revenue, different activities, new locations?
4. Decide whether to remarket - if the renewal terms aren’t competitive or the client’s needs have changed, we take the policy to other insurers to compare
5. Present options - the client gets a clear summary of what’s changed, what the options are, and our recommendation

This process takes time, which is why starting your renewal early matters.

When should you start thinking about your renewal?

Ideally, 4-6 weeks before your policy expires. This gives your broker enough time to review, gather updated information from you, and go to market if needed.

Here’s what the timeline looks like:

When	What Happens
6 weeks before expiry	Broker starts reviewing your current policy and contacts you for updates
4 weeks before	Renewal notice arrives from the insurer
3-4 weeks before	Broker reviews terms, decides whether to remarket
2 weeks before	Broker presents renewal options with recommendation
1 week before	You confirm, broker binds the cover
Expiry date	New policy period starts

If you leave it until the last few days, your options narrow significantly. Remarketing takes time - insurers need to quote, and that doesn’t happen overnight. We’ve had situations where clients came to us days before expiry after a big premium increase, and our options were limited because there simply wasn’t time to go to market properly.

What should you check before renewing?

Even if your broker handles the heavy lifting, there are things you should review or update before your renewal goes through.

Has your business changed?

This is the big one. Your policy was priced based on information you provided at the start. If any of that has changed, it needs to be updated.

Common changes that affect your insurance:

• Revenue increased or decreased - this affects your premiums and, for some policies, your cover limits
• New staff or contractors - particularly relevant for public liability and workers compensation
• New business activities - if you’ve added services, changed your offering, or expanded into new areas
• New locations or premises - moved office, opened a second location, started working from different sites
• New equipment or assets - vehicles, tools, stock, fit-out changes that affect your sum insured
• Claims or incidents since last renewal - even if you didn’t lodge a formal claim, incidents and notifications need to be disclosed

This ties directly into your duty of disclosure. Under the Insurance Contracts Act 1984, if you don’t tell your insurer about material changes, and you later need to make a claim, they could reduce or refuse the payout.

Is your sum insured still accurate?

One of the most common problems we see at renewal time is outdated sums insured. Your building replacement value goes up with construction costs. Your stock levels might have grown. Your fit-out is worth more than it was three years ago.

If you haven’t updated your sum insured in a while, you could be significantly underinsured. We’ve written a full guide on sum insured and underinsurance that goes deeper on this.

Are there new exclusions or conditions?

Insurers change their policy wordings. Sometimes they tighten exclusions, add conditions, or introduce sub-limits. These changes don’t always jump out from the renewal notice.

A good broker compares the current wording against last year’s and flags anything that’s changed. This is one of the less glamorous parts of what we do, but it’s caught material changes for clients more than once.

What if your premium jumped?

Premium increases are one of the most common reasons people contact us at renewal time. And they’re not always straightforward.

Premiums can increase because of:

• Claims you’ve made - a claim in the previous year almost always affects your renewal premium
• Market-wide increases - insurers adjust pricing based on their overall claims experience, not just yours
• Risk reassessment - the insurer has updated their risk model for your industry, location, or coverage type
• Inflation and rebuild costs - property-related premiums track construction costs, which have risen sharply in recent years
• Loss of discounts - loyalty or no-claim discounts can expire or be removed

If the increase feels excessive, your broker can remarket the policy. This means taking your details to other insurers to get competing quotes. In many cases, remarketing produces a better result than simply accepting the renewal.

At Tank, when a client queries a premium increase, our first step is to get the insurer to break down what’s changed. Sometimes it’s a genuine market adjustment. Sometimes it’s a missing discount that can be reinstated. And sometimes the policy just needs to go to a different insurer.

Should you switch insurers at renewal?

Sometimes. But not always.

Switching makes sense when:

• Another insurer offers the same or better cover at a lower premium
• Your current insurer has added exclusions or restrictions you’re not comfortable with
• Your business has changed and a different insurer is a better fit for your risk profile
• Your current insurer has poor claims service (something you typically learn through experience or your broker)

Switching doesn’t always make sense when:

• You have a claims-made policy (like PI) and switching could create continuity issues
• The price difference is marginal and your current cover and claims experience are good
• You’re mid-claim or have a pending notification that needs to be managed during the transition

This is where broker advice matters. The cheapest policy isn’t always the best one, and switching at the wrong time can leave gaps in your cover.

What does your broker do differently from just renewing yourself?

If you buy insurance directly (no broker), your renewal is straightforward: the insurer sends you a price, you pay it, and the policy rolls over. You’re dealing with the insurer’s team, who work for the insurer.

With a broker, the renewal process is more involved but it works in your favour:

Direct Renewal	Broker-Managed Renewal
You receive the renewal price	Broker reviews the full renewal terms
You accept or don’t renew	Broker compares against other insurers
No one checks if your cover still fits	Broker checks your business has been updated
You deal with the insurer’s team	Broker negotiates on your behalf
Price is the price	Broker can often reduce it through remarketing or adjustments

The value of a broker at renewal isn’t just about price. It’s about making sure your policy actually reflects your business as it is today, not as it was 12 months ago.

Frequently Asked Questions

How early should I start my insurance renewal?

Ideally 4-6 weeks before your policy expires. This gives your broker time to review your current cover, gather updated information from you, and go to market if needed. Leaving it to the last week limits your options.

Can my insurer change my policy at renewal without telling me?

Insurers must send a renewal notice outlining changes to premium, excess, or terms. However, changes to the underlying policy wording (eg new exclusions) may not always be highlighted. This is why your broker reviews the full renewal terms, not just the price.

What happens if I miss my insurance renewal date?

Your policy lapses and you have no cover. For claims-made policies like PI, a gap can mean losing protection for incidents during the previous policy period. Some insurers offer a short grace period, but you should never rely on it.

Should I just auto-renew my business insurance?

No. Auto-renewing without reviewing is one of the most common causes of underinsurance. Your business changes, and your policy needs to keep up. A renewal review with your broker takes 15 minutes and can save thousands if something goes wrong.

Can my broker negotiate a lower premium at renewal?

Yes. Your broker can remarket your policy to competing insurers, negotiate with your current insurer, adjust your excess, or identify cover you no longer need. Remarketing alone often produces a better result than accepting the renewal offer.

Time to renew?

If your renewal is coming up and you want it properly reviewed, not just rubber-stamped, we can help. Tank Insurance manages renewals across business insurance, property, PI, public liability, strata, and commercial motor.

Send your renewal notice to [email protected] or call us on 02 9000 1155 and we’ll take it from there.

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This is general information only and does not take into account your objectives, financial situation, or needs. You should consider whether the information is appropriate for you and read the relevant Product Disclosure Statement (PDS) before making any decisions about insurance products.