Nursery Insurance Renewal Tips
Tips on how to approach your nursery insurance renewal with ease
As a nursery owner or manager, renewing your insurance can feel daunting amidst the hustle and bustle of daily operations. Here are some tips to help you stay organised and ensure a smooth renewal process:
1. Start early: Begin reviewing your existing policy 60 days before the renewal date. This gives you ample time to gather necessary documents, assess your current coverage, and explore new options.
2. Review your current policy: Carefully go through your existing insurance policy. Check for any changes in your nursery setting, such as increased staff, new equipment, or expanded premises, that might affect your coverage needs.
3. Update your information: Ensure all information about your nursery is up-to-date. This includes the number of children enrolled, staff members, and any new activities or services offered. Accurate information helps in getting a policy that meets your needs.
4. Compare quotes: This approach ensures you find the insurance solution best tailored to your needs. Be sure to review coverage details, exclusions, limitations, premium costs and any additional benefits carefully.
5. Consult an expert: Engage with a specialist insurance broker who understands the childcare and education sector. They can provide valuable insights and help tailor a policy to your requirements.
6. Gather documentation: Organise all necessary documents, including risk assessments and records of any incidents or claims. Additionally, ensure you have up-to-date sums insured, value of your contents, details of construction of premises and any information on trees nearby. Having these details ready will expedite the renewal process and help ensure you have adequate coverage.
7. Evaluate risk management: Review your nursery's risk management practices. Implement any recommended safety measures or training programs that may help to reduce premiums and improve the safety of your setting.
8. Plan for the future: Consider any future changes or expansions to your nursery. Ensure your policy can adapt to these changes without needing significant adjustments mid-term.
9. You don't need to wait for your current insurer's new terms before exploring other options. Begin discussions with other providers early to keep your options open and give you time to compare cover and rates. This proactive approach gives you more flexibility and bargaining power.
10. Stay informed: Keep up-to-date with any regulatory changes in the childcare and education sector that may affect your insurance requirements. This will help ensure your coverage remains compliant with current regulations.
Is your renewal date coming up? Contact our expert childcare insurance team today.
Email: cic@mortonmichel.com
Phone: 0330 058 9861
Website: www.mortonmichel.com/nursery-groups
This is the view of Morton Michel and does not constitute advice.