It's now easier than ever to find a great deal on business insurance - especially when you compare with us - but getting out isn't always as straight-forward.
Many policies will auto-renew without notifying you, unless you tell your insurer otherwise. Why is this a problem? Well, although you're guaranteed cover and this will ensure you do not breach any agreements which require a policy in place, you could end up paying more for your business cover than you need to.
What to do at the End of Your Policy Term?
Most insurers will send out a renewal quote three weeks to a month before the end of the original term. This outlines the costs you will be charged should you decide to stay with them and/or essentially 'do nothing'.
If you're curious to see if you could save money, contact us once you have received this notification. Our team of friendly brokers can work with you to tailor-make a policy that meets your business needs and get quotes from well-known providers big and small.
If you're particularly loyal to your insurer, now may be a time to give them a call and negotiate a cheaper price. If they're unable to better or match the quotes we found and you decide to take out one of these policies, we'll talk you through the process and do all the hard work for you. However, you will be responsible for calling your current insurer to cancel your policy and avoid paying for two contracts.
What to do if You Accidentally Auto-Renew?
If the renewal date comes and goes before you realise, you have a 14-day statutory cooling off period where you can cancel. However, be aware, many insurers will charge you an admin fee and charge for the additional days you have been covered.
If you encounter further issues, you can take your case to the Financial Ombudsman. The Ombudsman reports:
"If we find that a policy was set up to be automatically renewed, we'll make sure that the insurer made this clear - for example, in the policy documents or any discussions they had - when their customer took out the policy."
Please note: cancelling the direct debit payment does not cancel an auto-renewed policy. You will simply accrue debt with the insurer and may be required to pay a late payment fee as a result.
Want to Make the Switch?
If you're coming to the end of your cover period, get in touch today to get your no-obligation business insurance quotes.
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