Here is the All in One checklist that you will need to ensure that you review your business insurance policy properly
We understand that thinking about insurance can seem overwhelming, not to mention the hefty price tag that can come along with keeping your business insured properly. Nevertheless, it is important to evaluate your business insurance needs, complete any and all paperwork to renew, and most importantly, complete any and all audits before their expiration. Here is a step by step guide of the easiest way to review your business insurance renewal and ensure that you are ready for the next year of further developing your dream.
#1: Get an Electronic Copy of Your Policy and Start Reviewing it
#2: Assess your coverage needs
#3: Update your Business Information
#4: Shop Around
#5: Consider Bundling Your Policies
#6: Evaluate Your Deductibles
#7: Review Your Claims History
#8: Review Your Payment Options and Due By Dates
#9: Ask Questions
#1: Get an Electronic Copy of Your Policy and Start Reviewing It
Carefully review your current insurance policy to ensure that you understand the coverage and the premiums you are paying. Take note of any changes that may have occurred in your business, such as new locations, new products or services, or any other changes that may affect your coverage needs.
#2: Assess Your Coverage Needs
Determine if your current policy still meets your business's needs. Consider if your business has grown or if you have added new products or services that require additional coverage. Also, consider if you have new risks that require additional coverage. This is also a great time to gather your list of additional insureds, if applicable, and email them to your agent. If anything has changed on their end or their requirements has changed, you want to assess that BEFORE your renewal so that your policy can be updated accordingly.
#3: Update Your Business Information
Ensure that your insurance company has the most up-to-date information about your business, including any changes in ownership, location, or other details. This is a key point as inaccurate information can cause issues in the event of a claim.
#4: Shop Around
With so many companies, now is a great time to look at other options if you unsure of the company you are currently covered by. New companies are always joining the business with coverage offerings that are vast compared to their competitors. Make sure to get multiple quotes from different providers so that you can compare the coverage and cost. A broker, like us, is the easiest way to do this because we already have partnerships with the companies and can identify very quickly which companies have an appetite for your business type.
#5: Consider Bundling Your Policies
Commercial policyholders have the opportunity to earn higher discounts on their commercial insurance just like they would personal lines policies. Bundling your commercial auto and your general liability can gain upwards of 10 to 15% in discounts. The big thing to note is that certain companies have certain appetites. In other words, a company that offers commercial auto, might not necessarily offer general liability. This is where having a broker works to your benefit. We are able to find out what you need and find a company for you as opposed to trying to mold you to fit with a company.
#6: Evaluate Your Deductibles
Evaluate your deductibles to determine if they are still appropriate for your business. Consider if you can afford to pay the deductible if you need to make a claim. Additionally, if you are able to go to a higher deductible, you can see a deduction in premium. With commercial insurance, you can reduce your premium by quite a bit if you opt for a higher deductible. The drawback is that your business needs to be able to pay that deductible if and when a claim arises.
#7: Review Your Claims History
Review your claims history to determine if there are any areas where you can improve. A good claims history can help you get lower premiums in the future. Additionally, having too many claims may not be a good fit for you to get insurance with some companies. Some companies will require loss runs in order to offer insurance. These companies are trying to review your claims history for at least the last 5 years. This information is vital in order to rate your policy properly.
#8: Review Your Payment Options and Due By Dates
Review your payment options and determine if there are any discounts available for paying your premiums upfront or on time. Some companies, like Travelers, offers good payer discounts when you initially start a policy with them. Meanwhile, other companies like The Hartford, would like to see good payment history before offering good payer discounts.
#9: Ask Questions
Don't be afraid to ask your insurance provider questions about your coverage and the policy renewal process. They should be more than happy to help you talk through any claims scenarios and coverage gaps you are concerned about. Make sure that you understand all aspects of your policy and coverage.
In Conclusion
We hope that you are able to tackle your business insurance renewal with confidence using our checklist. We understand how important proper coverage is as well as affordable premium. If you would like a fresh set of eyes to look at your portfolio, please contact our office at 770-755-1775 or you can email me at ronelle@cibinsure.com.
Commentaires