Choose an insurance adviser for your business

It's best to establish clear parameters in your relationship with your insurance adviser. You should be clear about what your adviser can, and cannot, do for you. Discuss what you require for your business and make sure they are prepared to offer this level of service.

If you're using a broker, depending on their status, they may also receive payments from the insurance company they represent, as well as taking fees from you as the insured. If your broker represents an insurance company you should seek details of whether such payments are made and their value.

When to get in touch

Your needs will define the level and frequency of contact with the adviser. You will probably see them often in the early stages of the relationship, but once your insurance needs have been met contact will become less frequent.

Provide updates

Circumstances can change, eg if your business expands or contracts, and this may alter your insurance requirements. You should always keep your adviser informed of changes to the business as this may affect or even invalidate your policies.

Review your needs

It is sensible to review performance and cost regularly. There is no shortage of advisers and, however friendly your current adviser may be, you should consider switching if you are not getting value for money. Equally, there is little incentive for change if you are satisfied with the quality of service and cost.

Get quotes

For general insurances, which are usually renewed annually, it's always a good idea to get a few comparative quotes at renewal time. You should start the renewal process as early as possible. You may ask your broker to do so, as the insurance market is competitive and brokers normally compete for business.

For investments and pensions it is sensible to ask your independent financial adviser to conduct periodic performance reviews and to check that the original assumptions, eg retirement age or market performance, are still valid or appropriate.