3 Tips for Renewing Commercial Insurance
Purchasing and renewing commercial insurance for your business can be an overwhelming process, but as a business owner, it’s something that can save you money and time should the unfortunate happen, especially when your insurance broker is walking alongside you throughout the entire process. Businesses are constantly evolving and changing, so it’s important to reevaluate your insurance coverage consistently.
Here are 3 tips for making the renewal process easier:
1. Start the Renewal Process Early
Your business should prepare for insurance renewal months before your deadline approaches. If your business has experienced any changes in the last year, then it’s important to make sure that there’s an adequate amount of time to make adjustments so your broker can discuss with the Underwriters.
2. Discuss the Current State of Your Business with Your Broker
To cover all bases and protect your business from risk, here are three questions you should ask your broker before renewing your commercial insurance:
- Has your business changed locations?
Over the last year, most businesses have had to change their structure, and physical locations have shifted. In some cases, changing locations can impact general liability insurance coverage. To learn more about general liability insurance, click here.
- Are you offering any different services?
Another key factor that could impact the insurance renewal process is if your business has started to offer different goods and services. Switching up goods and services can impact professional liability coverage. Click here to learn more about how professional liability protects your business.
- Has your employee count changed?
Just about every state (except for Texas) requires employers to have workers’ compensation coverage for their employees. Workers’ compensation insurance covers work-related injuries. A change in your employee count could require updates to your workers’ compensation insurance.
3. Assess Insurance Coverage Biannually
Most insurance agencies will tell you to review your insurance plans yearly, but at Snellings, we recommend reevaluation every six months. This is to ensure that you can perform a full sweep of all of the risks that may be facing your business, without the time crunch of an upcoming renewal. A biannual insurance assessment also allows you to keep tabs on changes happening within your organization, so you can be aware of if you’re over or under insuring your business.
For more information on the commercial insurance renewal process, we would love to help you and answer any questions that you may have! Reach out to us here to start the conversation.