For many care organisations, the only cover-related date on their calendar is their renewal, but the runup to your renewal is equally as important. 

Here, we go through all the preparations you’ll need to make ahead of your policy refresh to ensure a successful transition that avoids any nasty surprises. 

Get a head start 

Strong organisation and good timekeeping are key to any care policy renewal, so make sure you leave yourself plenty of time. Ideally, you should begin any preparations 90 days prior to the date of your renewal. 

This time is important to be able to make sure you’ve conveyed any changes that may affect the cost of your premiums or the terms of your policy to your insurer. These could be changes to: 

• Business activities 

• Risk management procedures 

• Recruitment policies 

• Construction/architectural info 

• Directors’ history, e.g. bankruptcies or convictions 

• Sums insured 

Received a low CQC rating? 

You will need to disclose your current CQC rating to your insurer. If your organisation recently received a poor rating, don’t panic – it’s not the end of the world. Your insurer will however want to see that you have an action plan in place to address the areas the CQC identified as needing improvement. 

Keeping accurate records 

You’re going to find it much easier to inform your insurer of any changes that have taken place throughout the year if you’ve kept accurate records. Many people and organisations make the mistake of leaving all their documentation to the last minute, which can be not only stressful but also means there’s an added risk that you will forget and fail to disclose something of importance to your insurer. 

This isn’t just important from an organisational standpoint, but also because your insurer will want to see evidence that you have procedures in place for documenting key processes, like: 

• Risk assessments 

• Staff training 

• Care plans 

• Adherence to the latest compliance frameworks 

Communicate with your broker 

Many people think of their relationship with their broker as transactional – there for when you need to make a claim and invisible for the rest of the year – but it’ll actually benefit you far more in the long run to build a relationship with your broker. This involves regular communication throughout the year and keeping them updated with any changes. Your willingness to communicate with your broker will not only mean you’re prepared and organised for your renewal but also ensures you don’t put your organisation in a situation where it’s unknowingly covered. 

What other changes do I need to tell my insurer about? 

A lot can happen in a year, and it’s really important your insurer is kept aware of any changes to your organisation. As well as the points mentioned above, your insurer will also want to know: 

• If you’ve changed address. If you’ve changed your address, your broker will need to commence a number of checks on the building, so it’s important you inform them prior to the move rather than after to avoid any implications to your policy cover 

• If your business activities have changed. If there’s been a change in your business activities, you’ll need to let your insurer know because they won’t necessarily cover them. If you go to make a claim and your insurer discovers you have been partaking in undisclosed activities, this could impact the settlement of your claim 

These points are not exhaustive, but some examples of what the insurer will need to know about. 

PRO TIP: remember that renewal should be an active process 

Many organisations treat policy renewal as an automatic process that doesn’t require much involvement on their part, but it’s important to ensure that your policy is still working for you. Particularly if there have been any changes throughout the year that may have rendered your cover less suitable for your purposes, regularly evaluating your cover is a wise business decision. 

If you think your cover could be working harder for you, Towergate Insurance can help. Speak to a friendly specialist today at newcare@towergate.co.uk or 0330 123 5154. You can also find out more about us here. 

 
Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems, we recommend that professional advice be sought.  

Towergate Insurance is a trading name of Advisory Insurance Brokers Limited. Registered in England No.4043759. Registered Address: 2 Minster Court, Mincing Lane, London EC3R 7PD. Authorised and regulated by the Financial Conduct Authority.