Time for a Change? What You Should Know About Insurance Renewal

As your annual insurance policy renewal approaches, this can be taken as an opportunity to get a better rate, increase your coverage, and more. Most business owners want to make sure they continue to protect their businesses with the right amount of coverage, but tend to neglect shopping around for various reasons. With a proactive strategy, you can reap the benefits of choosing the best policy for your needs.

What To Do Before Renewing Your Insurance

When considering policy renewals it’s best to follow these steps to ensure your business has the best insurance coverage. Here are a few things you can do.

Begin Your Search Early

If you are proactive in your search you have a better chance of finding the best policies for your business. That means you need to start weeks or maybe months before your policy renewal comes up. You can take this time to look at your business’s current insurance policy. Make yourself familiar with the current policy so that you can compare it to new policies that may better serve your business, workers, and employees.

Look at changes within your organization from the last time you renewed your policy. Note any changes that relate to the number of employees, additional services or products, and current/pending lawsuits. These are some factors that will give you more information as to what kind of policy you may need to renew or add to a current policy.

Meet With a Risk Advisor

Meeting with a risk advisor will set your business up for success. A risk advisor is well-versed in addressing a company’s daily operations and which insurance policies will offer the best protection for that business. You can discuss your business’s goals, any changes in risk tolerance, and workers’ compensation rating sheets.

Collect Your Business’s Loss History Information

Underwriters will be part of the renewal process. You must begin gathering information that the underwriters will request. You should know that your business’s loss history can affect what type of renewal rates may be offered to you.

Insurance experts suggest that businesses close any open claims they have before the renewal process as well as be prepared to talk about any losses your business suffered. This is something underwriters may ask you to expound upon.

Create an Accurate Business Submission

You can work with a broker to help you gather all the elements for an insurance renewal submission. This should include a description of your daily operations, financial information for your business, loss prevention mitigation plans, and explanations of claims.

We’ll Make the Renewal Process Easy for You

Transportation Insurance Brokers can help you determine which path to take before renewing your business’s insurance policies. We have a team of insurance experts that understand transportation businesses. We’ll use our knowledge and expertise to help you determine which insurance policies will offer your business the best protection.

Please contact us to learn more about which insurance policies we offer that will best serve your business. Our insurance solutions include commercial umbrella insurance, commercial auto insurance, workers’ compensation, and more. We look forward to working with you!