Tips for Renewing Insurance Coverage for Your Business
Commercial insurance policies are generally renewed annually by the policyholder. This gives businesses a chance to reevaluate their coverage needs and weigh them against their current policies.
If you’re in the process of renewing your commercial insurance, it can be tempting to renew your policies automatically to spare yourself stress and save time. However, this leaves your business open to being underinsured or overpaying for your coverage. When you’re ready to renew your insurance, you want adequate protection for a reasonable cost.
Here are four tips you can use to simplify the process and renew your business insurance coverage with more confidence.
1. Start Preparing for Business Insurance Renewal Early
It’s a good idea to start planning for commercial insurance renewal a few weeks or months in advance of the renewal deadline. This is because it takes time to gather the financial information your insurance carrier requires and the other information you need to make the best decision.
When you have plenty of time to find what you need, you’re less likely to renew a policy you’re unhappy with just because you feel pressured into making a choice. Take your time and shop around.
2. Consider How Your Business Has Changed
A lot can change within a business in a single year — you might move locations, open a second branch, hire new employees or start offering something new to your customers. When planning to renew your business insurance, remember to consider all the ways your business has changed since you last purchased a policy.
Some changes to your business will impact the type and amount of insurance coverage you need. For example, if you’ve recently hired several new employees, you may need to adjust your workers’ compensation insurance policy. Ask yourself these questions as you work through your commercial insurance renewal checklist and make sure they’re accounted for under your new policy:
- Has your business moved locations, added locations or vacated any buildings?
- Has your number of employees increased or decreased?
- Have you purchased new equipment, such as a new machine or company vehicle?
3. Evaluate Your Current Insurance Policies
During the renewal process, evaluate your current insurance policies. Are you happy with them? If not, this is a good time to make some changes. The two most common reasons business owners feel dissatisfied with their insurance policies or brokers are poor customer service and high cost.
Figure out what’s most important to your business and emphasize that when shopping for a new policy. You can also work with your insurance agent to see what you could do to lower your premiums.
4. Work With a Trusted Insurance Agent
A good insurance agent serves as an advocate for your business, working to find you the best insurance policy from a range of providers. At Kokkoris Insurance Services, our independent agents are dedicated to supporting you throughout the renewal process. We make finding a policy simple and can provide a Certificate of Insurance in an hour or less. For a free quote and an evaluation of your existing coverage points, call 718-728-0606 or contact us online today.