Guides
Switching brokers without the drama
A guide for founders unhappy with their current broker and ready to make a change.
The why
Why founders switch brokers
- They disappeared after the sale
No check-ins, no policy reviews, only resurface at renewal - They don’t understand your business
Treating you like a tick-box, not a founder building something - They’re terrible at claims
Slow responses, confusing process, fighting for every dollar - They don’t explain anything
Jargon-heavy emails, no plain English, assume you know insurance - They’re always pushing unnecessary add-ons
Upselling coverage you don’t need
The concerns
What most small businesses worry about
“Won’t switching cause a coverage gap?”
No. If done properly, your new policy starts the day your old one ends. Zero gap.
“Will my premiums go up?
Not automatically. Often, switching gets you better pricing because you’re comparing multiple quotes. You might even pay less.
“Will switching void my existing claims?
No. If you have an active claim, your old policy still covers it (even after you switch). Insurance covers incidents that happened during the policy period, regardless of when you claim.
“Is it complicated?
Not if your new broker handles it properly. At Pocket, we manage the entire transition—you just sign a few forms.
Step 1 of the switching process (done right)
Find a new broker and get quotes
Before you cancel anything
Talk to potential new brokers. Get quotes. Compare coverage and pricing.
What to ask:
- “How do you handle claims?”
- “Will you review my cover regularly or just at renewal?”
- “Do you specialise in my industry?”
- “What happens if I need to make a claim?”
Step 2 of the switching process (done right)
Review what you currently have
Pull out your current policies and check:
- Coverage types and limits
- Premium amounts
- Renewal dates
- Excess amounts
- Exclusions
Why this matters:
Your new broker needs to match or improve your current coverage. If you don’t know what you have, you can’t compare properly.
Step 3 of the switching process (done right)
Time it right
The best time to switch:
30-60 days before your renewal date.
Why:
- Gives your new broker time to arrange cover
- Avoids cancellation fees (most policies have these if you cancel mid-term)
- Ensures seamless transition with no gaps
Worst time to switch:
Mid-policy, unless your current broker is genuinely terrible or you’ve had a major business change, they won’t accommodate.
Step 4 of the switching process (done right)
Let your new broker handle the transition
Your new broker should:
- Contact your old broker to confirm coverage details
- Arrange new policies to start the day your old ones end
- Handle all the paperwork
- Provide Certificates of Currency immediately
- Confirm everything is active before your old policies lapse
Step 5 of the switching process (done right)
Cancel your old policies (after new ones are active)
Critical:
Never cancel your old policies until your new ones are confirmed and active.
How to cancel:
- Email or call your old broker
- Provide written notice (most policies require this)
- Request confirmation of cancellation date
- Request refund of unused premium (if applicable)
Some brokers make this difficult.
That’s on them. You’re entitled to switch.
Ready to switch
What to do if you have an active claim
Don’t switch mid-claim.
Wait until the claim is resolved.
Why:
While your old policy will still cover incidents that happened during the policy period, switching brokers mid-claim creates unnecessary complications and delays. Finish the claim, then switch.
Exception:
If your broker is handling your claim poorly and it’s been dragging on for months, sometimes switching to a new broker who can take over is the right move. Ask your new broker if they can manage this transition.
Ready to switch
What to do if your renewal is next week
You can still switch, but it’s tight!
The fastest path:
- Call your new broker immediately (today)
- Send them your current policies
- They’ll fast-track quotes
- You’ll need to make a decision within 48 hours
- Your new broker arranges cover to start on your renewal date
At Pocket:
We can turn around quotes in a few days if you’re up against a renewal deadline. We’ve done this for dozens of founders.
Red flags
When to switch immediately (even mid-policy)
Don’t wait for renewal if:
- Your broker won’t return calls or emails for weeks
- They’re mishandling an active claim – delays, poor communication, fighting you instead of the insurer.
- They sold you coverage you don’t actually have (discovered at claim time)
- Your business has changed significantly, and they won’t update your cover
- They’re not licensed or compliant – check ASIC’s registry
In these cases, the cancellation fee is worth paying to get proper coverage and service.
Switching brokers: cost breakdown
Will switching cost you money?
Item | Typical cost |
|---|---|
Cancellation fee (if mid-policy) | $0 -$150 per policy |
Premium difference | Could be higher, same, or lower |
New broker setup fees | $0 (most brokers don't charge this) |
Certificate of Currency admin | $0 (included) |
Most founders who switch at renewal pay the same or less, with better service.
What to expect from a good broker (like Pocket)
Before you switch:
- Clear comparison of your current cover vs. what we recommend
- Honest pricing (we’ll tell you if your current deal is actually good)
- Plain English explanations of differences
During your switch:
- We handle all the paperwork and contact with your old broker
- We confirm coverage start dates and provide Certificates immediately
- We make sure there’s zero gap in coverage
After you switch:
- Annual policy reviews (proactive, not just at renewal)
- Plain English claims support
- Updates when your business changes
- No disappearing after the sale
Common switching mistakes
Mistake #1: Cancelling before new cover is active
Cost of this mistake: Coverage gaps that leave you personally liable.
Mistake #2: Switching based purely on price
Cost of this mistake: Cheaper coverage with worse limits, higher excess, or more exclusions.
Mistake #3: Not reviewing what you actually need
Cost of this mistake: Switching brokers but keeping inadequate coverage. New broker, same problems.
Mistake #4: Switching mid-claim
Cost of this mistake:Delays and complications in getting your claim paid.
How to switch right
Switch to Pocket
Questions to ask before switching
Step 1: Book a call with Sam here.
Step 2: Send us your current policies (we’ll review them)
Step 3: We’ll provide a comparison and recommendations
Step 4: If you’re happy, we’ll manage the entire transition
Step 5: Your new cover starts, your old cover ends, zero gap
- “How do you handle the transition process?”
- “What happens to my current claims or potential claims?”
- “Will there be any gap in coverage?”
- “Can you match or improve my current coverage?”
- “What’s your claims process like?”
- “How often will you review my policies?”
Good brokers answer these confidently.
Ready to make the switch?
You're not locked in with your current broker. Switching is easier than you think—especially when your new broker handles the process properly.