Premium up at renewal? Broad Risk is a commercial insurance broker based on the Gold Coast. We review and remarket business insurance renewals for businesses in QLD, NSW, VIC and WA.
Broad Risk reviews your business insurance renewal, tests the market where it makes sense and checks your cover still fits. Where the terms or cover justify it, we remarket your insurance through the Steadfast network, which it describes as the largest general insurance broker network in Australasia. Being part of it gives us access to a wide panel of insurers, specialist underwriting agencies and insurance products.
The Market Has Softened. Is Your Broker Passing That On?
After five or six years of rising premiums, most types of business insurance have eased. If your business has a good claims record and your risk is well presented to insurers, your 2026 renewal may well come in flat or lower. Insurers have more money to put behind policies than they did a few years ago, and they're competing for business again.
The easing isn't even. Premiums can still rise for:
- Property exposed to cyclone and flood, particularly in North Queensland.
- Businesses with recent claims.
- Higher-risk liability work in construction, transport and labour hire.
Where rates are still climbing, the causes are reinsurers repricing Australian cyclone and flood risk, higher claims costs (rebuilding, parts and labour) and larger liability claims in those industries. If your business doesn't fit any of those groups and your premium has jumped, it's worth asking why.
This view is based on the renewals we're handling for clients and on published market updates, including Marsh's Australian Insurance Market Update 2026 and its 2025 real estate market update. Market conditions can change.
What to Do When Your Renewal Premium Jumps
- Don't renew on the spot, and don't let the policy lapse.
- Find out why it moved. It's usually one of three things: a claim, a change in your business, or the market for your type of risk. Each has a different fix.
- Send your current schedule and renewal date to a broker for a second opinion.
- Ask for the review to cover gaps in your cover and your sums insured, not only the price.
- Make your decision with the options side by side.
What Does It Mean to Remarket Your Insurance?
Remarketing means your broker takes your insurance program to other insurers and underwriting agencies to test the price and terms against your current insurer's renewal offer.
We don't remarket every policy every year. Sometimes the better result comes from working with your current insurer on the cover, terms and price, because it already knows your business and your claims history. Insurers also look less favourably on businesses that move every renewal.
When Remarketing Makes Sense, and When to Stay Put
We'd usually recommend remarketing when:
- Your premium has gone up noticeably and nothing in your claims or business explains it.
- Your insurer is pulling back from your industry or restricting your cover.
- Your business has changed: new activities, a jump in turnover, exports or new premises
- A review finds gaps in your current cover.
With insurers competing again, a remarket has more room to move than it did a few years ago.
Staying where you are is often the better call when your terms are in line with the market and the cover is right, or when your insurer has paid your claims well. An insurer that knows your business is worth a lot when you need to claim.
General advice only. This information doesn't take into account your objectives, financial situation or needs. Read the Financial Services Guide before making a decision.
Why the Cheapest Quote Can Cost More at Claim Time
We've seen each of these catch a business out when a claim came in:
- Business interruption cut to 12 months. A shorter indemnity period brings the premium down, but specialist machinery can take 12 to 18 months just to replace. The policy stops paying while the business is still shut.
- Sub-limits in the schedule. The headline sum insured means little if the thing that happens to you, such as flood, theft or machinery breakdown, is capped at $50,000.
- Liability exclusions that suit the price, not the business. Height and depth limits for trades, or territorial limits that leave out the countries you export to.
These get more common in a soft market, when some insurers compete on price by raising excesses and narrowing policy wordings. That's why we compare cover, excesses and limits, not only premiums.
How to Save Without Underinsuring
Savings that hold up at claim time usually come from:
- A current valuation, so you're insuring what it would cost to rebuild or replace, not what you paid or the market value.
- Negotiating with your current insurer. A broker can use your claims history and how long you've been with the insurer to push for a better renewal price.
- Choosing your excess deliberately (a higher excess can lower the premium, but only set it at a level your cash flow can comfortably cover).
- Showing underwriters the risk improvements you've made.
- Testing the market when the triggers above apply.
Before any of that, check the basics. Your business description needs to match what you actually do, and your legal entity name and ABN need to be correct. If they don't, a claim can be reduced or refused.
Cutting your sum insured to hit a price isn't a saving. Our article on underinsured property explains how an average clause can reduce a claim when you're insured for less than the rebuild cost.
How Broad Risk Reviews a Business Insurance Renewal
- A short conversation about your business, the renewal and anything that's worrying you.
- Information gathering. We collect proposal forms for every policy you hold and any you should consider, and visit your site where it helps.
- Presenting your risk properly to underwriters: the controls you have in place, your claims history in context and the improvements you've made.
- A written comparison showing where the gaps are, where your exposures sit and why each option fits your business.
- Your decision. We place the cover and stay with you through any claim.
How We Approach Other Insurers
Getting the most quotes isn't the aim. We look for insurers and underwriting agencies that want your type of risk and have a good record of paying claims.
As a member of the Steadfast network, we can approach a broad panel of insurers, specialist underwriting agencies in Australia and the UK, and markets for higher-hazard and complex risks. Complex risks attract declines, so we keep going and negotiate with underwriters until we have terms worth putting in front of you. You then see the options side by side, including what each would pay in a real loss.
How Far Before Renewal to Start
| Your situation | When to start |
|---|---|
| Standard business renewal | 60-90 days before renewal |
| Remarketing, recent claims, cyclone or flood-exposed property, or specialist and Lloyd's markets | 120 days before renewal |
| Less than 30 days to go | Usually only a rollover on your current terms is realistic |
What We Need From You
Send us your current policy schedules, certificates of currency and renewal dates. If you don't have those handy, tell us your business activities, annual turnover, locations and claims history, and we'll take it from there. We'll confirm next steps within one business day.
Two Recent Renewals Examples:
- $20k saved: A manufacturing client's premium had become hard to justify. We remarketed the policy to an underwriting agency that specialises in manufacturing. The cover stayed the same yet the premium came down by $20,000 a year.
- Gaps found at review: A growing payment-processing business came to us with an insurance program that hadn't kept up with it. Its professional indemnity policy had no contractual liability cover. Its public liability limits were too low for its number of locations. Its cyber limits for extortion and fraud were thin, and nothing responded to claims arising from its US and New Zealand revenue. We restructured the program with other insurers and closed each of those gaps.
Past results are not indicative of future results. Each outcome depended on that business's risk, claims history and the market at the time, and a remarket won't always lower your premium.
What Clients Say
I recently switched my insurance policies to Warren at Broad Risk... The savings have been substantial, and the improved protection gives us great peace of mind.
Read more of Tracey C’s review on Google (opens in a new tab)He provides a lot of options and takes the time to go through the options. Warren and Broad Risk Insurance saved us thousands in premiums.
Read more of Jamiesons Chartered Accountants’s review on Google (opens in a new tab)Warren acts in the utmost good faith for his clients. He worked tirelessly to find us the most competitive rates for our rising premiums. Highly recommend Warren and team Broadrisk.
Read more of Elliott L’s review on Google (opens in a new tab)Very glad I spoke to Warren as it turned out I had many holes in my insurance, some of which could have meant the end to my business should the worse have occurred!
Read more of Jason B’s review on Google (opens in a new tab)Frequently Asked Renewal Questions
Is business insurance going up in 2026?
For most businesses with a clean claims history, premiums are flat or easing. The exceptions are cyclone and flood-exposed property, businesses with recent claims, and higher-risk work in construction, transport and labour hire. Conditions can change during the year.
Why has my business insurance gone up?
It's usually a claim, a change in your business, or the market for your type of risk. Ask your insurer or broker which one applies, because the fix is different for each.
Do claims increase my premium?
Usually. Insurers price on claims history, so a claim in the last three to five years can affect your renewal. There's no set percentage. It depends on the claim, the insurer and how the claim is explained to underwriters.
Can my insurer increase my premium at renewal?
Yes. Each renewal is a new offer, and the insurer can change the premium, excess or terms. You don't have to accept it, but make sure you're covered before the current policy ends.
Do premiums go up every year?
Not necessarily. Premiums follow your risk, your claims and the market. In 2026 many commercial renewals are flat or lower.
Can I negotiate my renewal or lower my premium?
Often, through a broker. Updated information about your risk improvements, accurate values and the context of any claims can change an insurer's offer. The savings list above covers the other options. None of them guarantees a lower premium.
How do I prepare for my renewal?
Start 60 to 90 days out. Note what's changed in your business, update your asset values and gather your schedules and claims history.
Some guides say start 4-6 weeks out. Why 60-90 days?
Four to six weeks is enough to update your details with your current insurer. If other insurers are going to quote, their underwriters need time to review your risk, ask questions and respond. For complex risks, allow 120 days.
What do I have to tell my insurer at renewal?
You need to tell your insurer about anything that has changed the risk since you took out the policy or last renewed, and that the insurer doesn’t already know. That includes (but may not be limited to):
- Changes to what your business does
- Big increases in revenue or staff numbers
- How much you pay contractors, subcontractors and labour hire firms each year
Contractor and labour hire payments mostly affect your liability insurance, which most businesses have. If you're unsure whether something matters, tell your broker. Leaving something out can lead to a claim being reduced or refused.
Will remarketing always lower my premium?
No. Sometimes your renewal is already competitive, and sometimes a lower price only comes with thinner cover. A remarket tells you where you stand.
How often should I remarket my insurance?
When something changes: a large increase, restricted cover, a changed business or gaps found at review. Not automatically every year.
What does an insurance broker do?
A broker works for you, not the insurer. We assess your risks, approach insurers, explain the options, place your cover and help you with claims.
Is it cheaper to go through a broker?
Sometimes. A broker can compare terms across insurers and underwriting agencies that you can't approach directly. The right cover can still cost more than the cheapest quote.
Can I get a complimentary review?
Yes. If you’re a business wanting a second opinion on your current insurance, we’ll review it at no cost and with no obligation to move. You’ll get a clear view of where your cover stands and what we’d do differently.
How are brokers paid?
If you choose to place your insurance with Broad Risk, we’re paid in two ways, both when you come on board and at each renewal:
- Commission from the insurer, which is built into your premium.
- An annual broker fee for servicing your insurance throughout the year, including claims, quote requests and policy changes.
Both are shown on your quote and invoice before you agree to anything, and full details are in our Financial Services Guide.
Do brokers disclose their commission?
Yes. Our Financial Services Guide explains how we're paid, and you can ask what we'll receive on your policy.
Do you help with claims?
Yes. We help you lodge the claim, deal with the insurer and push for a fair outcome.
Is business insurance compulsory?
Workers compensation is compulsory if you employ staff, and CTP is compulsory for registered vehicles. Most other cover isn't required by law, but leases, contracts and lenders often require public liability or property cover.
Are business insurance premiums tax deductible?
Generally, yes. The ATO lists insurance premiums, including fire, public risk, professional indemnity, loss of profits and workers compensation, as deductible business expenses. Check with your accountant.
About the Author
Warren Reid is the Director of Broad Risk Insurance Brokers on the Gold Coast, with 18+ years in commercial insurance broking. He works directly with business owners on renewals, remarketing and claims. Broad Risk Insurance Brokers is a Corporate Authorised Representative (AR 001305221) of Brindabella Insurance Brokers Pty Ltd (AFSL 500149) and a member of the Steadfast network.
Book a renewal review
Send your current schedule and renewal date to warren@broadrisk.com.au or call Warren on 0422 131 401. The review is no-obligation, and you'll deal with a senior broker from the first call. Get started.