Strategy
Part of A business insurance strategy for English small businesses
Business insurance ninety-day plan, days 46 to 90: request, compare, issue, test
Run days 46 to 90 of a business insurance plan in England: send one controlled fact set, compare quotations, check the issued policy and test the response.
This plan covers the buying half of a 90-day insurance review: sending one request to the market, comparing what comes back, checking the issued policy and testing the response. Adjust the timetable if cover expires sooner. Legal duties, contract deadlines and urgent notifications take priority over the programme.
What to take away
- Send the request only when entities, activities, assets and policy dates are recorded and the issue log has owners.
- Send one controlled fact set, and log every deviation in the questions that providers ask.
- Compare actual wording, schedule and quotation, and have each mismatch clarified in writing.
- Check names, dates, activities, limits and payment arrangements as soon as the policy is issued.
- Run one tabletop event before day 90 ends, then set monthly change prompts.
What must be in place before the request goes out
A request is only as good as the records behind it. Appoint a decision owner and representatives from operations, finance, people, contracts and technology, and record legal entities, trading activities, work locations, vehicles, assets, employees, subcontractors, customers and current policy dates.
Days 1-15: Ownership and Scope
- Days 1-15Appoint decision owner and representatives
- Days 1-15Record entities, activities, locations, assets
- Days 1-15Create issue log for missing facts
- Days 1-15Notify insurer of policy changes
Keep an issue log open for facts that are missing or disputed while the request runs. Contact the existing insurer or broker promptly if a current-policy condition requires notice of a change. Do not wait until day 90 to resolve an active coverage question.
| Issue | Evidence needed | Owner | Due | Status |
|---|---|---|---|---|
| Turnover split by trade | Dated management accounts | Finance | Day 20 | Open |
| Subcontractor insurance | Certificates and contracts | Contracts | Day 25 | Open |
| Cyber dependency | Supplier list and backup test | Technology | Day 30 | Open |
The facts in the request must reconcile to dated records for turnover, payroll, asset values, claims and contracts. That record is the evidence base for fair presentation. What the business will retain rather than transfer comes from the strategy framework.
Keep the workplace risk assessment separate. Use the Health and Safety Executive's business risk guidance for hazard and control work, because an insurance review has a different purpose and the assessment and its accountable controls must stay intact.
Days 46 to 60: choose the route and send one request
Write the request once and send the same fact set to every route. State the required entities, activities, covers, limits, excess tolerance, territories and contract requirements, and mark the optional areas where alternatives are wanted.
Market options include a regulated commercial broker, a direct insurer and a specialist scheme. For unusual risks, a broker may access the Lloyd's of London market. The right route depends on trade, turnover and claims history, so choosing a route is a decision to record rather than a default.
| Route | Question to ask before sending |
|---|---|
| Regulated commercial broker | Which insurers will see the request, and who handles a claim? |
| Direct insurer | Is advice given, or only information about its own product? |
| Specialist scheme | Do its terms fit the trade, the activities and the claims history? |
| Broker with Lloyd's access | Does the unusual risk need that market, and what does it add? |
Under FCA Handbook ICOBS 5, a firm must specify the demands and needs of the customer before a contract of insurance is concluded. Where advice is given, record the service status, the statement provided and the recommendation explanation. Qualified review should confirm which provisions govern the route.
Log every deviation in the questions asked. If one provider raises a point the fact set did not answer, add the answer to the fact set and send the update to the others, so that every quotation rests on the same facts.
Days 61 to 75: compare quotations and challenge gaps
Build the comparison from the actual wording, schedule and quotation, not from a summary page. Business.gov.uk tells buyers to compare the cover provided and not just the price of policies when choosing an insurance policy.
Compare insured parties, activities, triggers, limits, excesses, exclusions, conditions, notification, premium, fees and finance cost. Ask each provider to clarify mismatches in writing, and record rejected options and their reasons. Escalate unfamiliar restrictions, unusual contracts or significant retained losses to the appropriate specialist.
Option A
- Insured parties
- Named company only
- Cyber
- Excluded
- Notification
- Notice period stated
Option B
- Insured parties
- Company and trading name
- Cyber
- Sub-limit stated
- Notification
- Immediate
Question to raise
- Insured parties
- Which entities trade and hold assets?
- Cyber
- Does the sub-limit cover notification costs?
- Notification
- Which condition applies to a late claim?
A lower premium is not a decision until the gaps are understood. A sub-limit or exclusion that the business cannot absorb is a retained risk and should be priced as one. The like-for-like method explains how to freeze the facts before comparing.
Days 76 to 90: approve, check the issued policy and test
Obtain approval for the selected cover and every material retained risk. Check names, dates, activities, limits and payment arrangements immediately after issue, while an error can still be corrected. Store policy records with contact and notification instructions.
Run one tabletop event around a scenario from your credible incidents. Walk the owners through the response in this order, and correct gaps while they are present.
- Who detects the incident?
- Who protects people?
- Who contacts the insurer?
- Who preserves evidence?
- Who continues priority work?
- Who funds immediate costs?
After day 90
Day 90 is not the end of the programme. Set monthly change prompts so that changes in activities, assets or contracts reach the policy file, and start the next renewal review early. Every known exposure should keep a documented treatment, an evidence owner and a trigger for reconsideration.
Before you act
- Fact set with entities, covers, limits, excess tolerance and territories.
- Deviation log showing every question asked and the answer sent to all providers.
- Comparison table built from wording, schedule and quotation.
- Written clarifications and the reasons for rejected options.
- Approval of the selected cover and each material retained risk.
- Post-issue check and a tabletop record naming the insurer contact and evidence owner.
Common questions
What should the market request contain?
State the required entities, activities, covers, limits, excess tolerance, territories and contract requirements. Identify optional areas that need alternatives, then send one controlled fact set through suitable channels.
What should be checked once the policy is issued?
Check names, dates, activities, limits and payment arrangements immediately after issue. Store policy records with contact and notification instructions so that the notification route is known before it is needed.
