Businesses have an opportunity to find better coverage when it’s time for their renewal period. When business owners use this time to shop around for better policies they can find better deals and coverage. Renewing your insurance policies for your business doesn’t have to be a headache. There is a way to make the process cost-effective and easy.
Some companies choose to rely on the help of insurance brokers to guide them toward better policies and coverage. It’s still a good idea to be aware of some things about policy renewal so you can make sure any changes made will benefit your business.
What To Do Before the Renewal Process
Policy renewal usually happens about once a year. This allows businesses to make changes to their policies or add new coverage options.
Start Your Search Early
This is a process where you want to be able to explore all of your options. You want to be able to make the best decision for your business. Starting your search early allows you to review your current policy, review possible new policies, meet with advisors and evaluate changes in your business that may need new coverage. You’ll also need to perform a risk analysis to determine any needed adjustments to your insurance policies.
Consult an Advisor
Reach out to your risk advisor before you renew your current insurance policies for your business. This gives you an expert to speak with who can walk you through your business operations and the protections your business may need.
A risk advisor can help you assess your business’s goals, changes in risks, and loss runs. Consulting with a risk advisor may also make you appear more favorable to insurance underwriters.
Look at Loss History
A business loss history involves claims filed, how often those claims were filed, and the costs. Your loss history can affect renewal rates. Before the renewal process arrives take a look at your loss history. Consult with your broker about what changes you could make to reduce claims in the future. Also, make sure you have an explanation for these claims. An underwriter may have questions about your loss history.
Prepare Successful Submissions
Business owners need to know that a successful submission can help the way your business looks to underwriters. Make sure your submission includes a description of your business operations and any changes that have happened during the current policy period.
You also need an explanation of claims and what you plan to do to mitigate some of the risks. Include safety and loss prevention techniques that your business has in place.
TIB Insurance: Helping You Select the Best Policies
Let Transportation Insurance Brokers help you with the best policies for your transportation business. We have coverage options that include garage keepers insurance, commercial auto insurance, umbrella insurance, and more!
Our team knows the transportation business inside and out. Contact us today so we can walk you through our coverage options and which policy options will offer you the most protection.