Annual Benefits Renewal Checklist for Employers

How to make sure your employee benefits stay competitive, compliant, and cost-effective

Renewals comes around quickly.

Whether you offer Private Medical Insurance, Health Cash Plans, or Group Protection, it’s important to take time each year to review your employee benefits - not just renew them automatically.

Doing so helps ensure you’re still getting the best value, that your benefits reflect your business needs, and that your employees are getting the support they expect.

Here’s a practical checklist to help you make your next renewal as smooth and effective as possible.

1. Check What’s Changed in Your Business

Before you review any policies, take stock of what’s changed in the past 12 months:

• Has your team size increased or decreased?

• Have you introduced new roles or salary bands?

• Are your working patterns different (e.g. more hybrid or remote staff)?

• Have your priorities shifted - such as focusing more on wellbeing or retention?

These changes can affect what level of cover or mix of benefits you need.

2. Review Employee Feedback

Your employees are your best insight into how your benefits are performing.

Ask:

• Which benefits do people use most?

• Are there any gaps in what’s offered?

• Do staff know how to access their benefits?

Short surveys, one-to-one discussions, or wellbeing committees can reveal what’s working - and where small changes could make a big impact.

3. Assess Your Current Cover

When reviewing your existing benefits, look at:

• What’s included (and what’s not)

• Policy limits and exclusions

• Optional extras that may have been added over time

• Premiums vs usage

Many businesses find they’re paying for options that no longer fit their workforce - or missing out on new benefits that would provide better value.

4. Benchmark Against the Market

It’s good practice to benchmark your benefits every 12–24 months.

A whole-of-market review helps you see how your policies compare on:

• Cost

• Coverage

• Additional wellbeing features

• Service and claims support

At Excellect, we can handle this process fee-free, providing clear comparisons and highlighting where savings or improvements can be made.

5. Review Your Communication Plan

Renewal is the perfect time to refresh how you communicate your benefits.

Ask yourself:

• Do employees understand what’s available?

• Are benefit guides or policy documents up to date?

• Have there been any changes to providers or access details?

A simple reminder or reintroduction can help employees re-engage with what’s on offer.

6. Confirm Compliance and Documentation

Make sure all your schemes are compliant with FCA and data protection rules.

Check:

• Employee data is up to date and securely stored

• Policies are held in the correct business name

• Any taxable benefits are reported correctly through payroll or P11D

If you’re unsure, your benefits broker (like Excellect) can help ensure your renewal documentation is accurate and compliant.

7. Budget and Forecast for Next Year

Renewal time is also budgeting time.

Once you’ve reviewed costs and usage, decide:

• What’s the total benefits spend for next year?

• Are you introducing or removing any benefits?

• Could you add low-cost wellbeing perks (like EAPs or Cash Plans) without major changes?

A small shift in budget allocation can help you maximise value and improve employee satisfaction.

8. Don’t Leave It Too Late

Start your renewal review at least 8 weeks before your policy end date.

This gives enough time to compare options, confirm terms, and communicate any changes internally before renewal.

Leaving it to the last minute often leads to automatic renewals - and missed opportunities for improvement.

Final Thoughts

Your employee benefits are a key part of your overall reward strategy - and like any investment, they need regular review.

By following this checklist each year, you’ll make sure your benefits remain:

✅ Cost-effective

✅ Competitive

✅ Compliant

✅ Connected to your employees’ needs

At Excellect, we handle the hard work for you - comparing the market, managing renewals, and keeping your benefits running smoothly.

Speak to Excellect for a whole-of-market, fee-free benefits review before your next renewal.