Business Insurance Renewal Checklist

Business insurance serves as a crucial safety net for your businesses, protecting you and providing financial security. When your renewal period approaches, it is essential to not only carefully review your insurance coverages and limits but to think through changes to your business that might affect those policies. You want to ensure comprehensive coverage that aligns with your evolving needs. 

Here’s a checklist of business changes to think through before business insurance renewal: 

Did you add or reduce the number of employees? Did your business move to a new location? Did you add any locations to your business? Did you buy any new equipment or replace old pieces of equipment? Did you add or improve your technology or digital platforms? Have you purchased any new vehicles? Have the services you provide changed? Did the structure of your business change in any way?  Have you entered into any new contracts with subcontractors or suppliers? Did you invest in any new security protocols or security systems?

Other things to consider:

Talk to your agent about future business plans and goals and how this may affect your policies. Pull together all documents, financial statements and even safety protocols to go over with your agent. This is also a great time to evaluate existing policies and insurance companies to ensure you’re getting the best policies and prices for you and your business.

Avoid leaving your insurance renewal process to the last minute. Your agent should start the process well in advance to allow ample time for gathering information, evaluating options, and negotiating terms.

If your agent isn’t being proactive by meeting with you in person, reviewing your coverages, limits and exposures,  and asking these questions (and more) ahead of time, it might be time to seriously consider selecting a new firm/agent. You can learn more about our business insurance services here.