You’ve gone through the trouble of finding a small business insurance company, and here it is, already time to consider policy renewals. So, you may be wondering what you’re supposed to do now to avoid last-minute decision-making on a renewal, which might result in settling for poor service or missing out on coverage that might be important for your business in the next year.
Unless your small business is very complicated, starting to consider the renewal of your current policy and researching other options should happen about 60 days in advance. This checklist tells you what you need to know about preparing for a policy renewal.
Insurance Policy Renewal Checklist for Small Businesses
Confirm whether your current policy is sufficient or not. Many businesses have had to evolve tremendously to survive the past couple of years. Consider whether you have made business changes that alter your coverage needs.
Ask yourself these questions:
- Have you added services that you are offering or changed your business goals?
- Have you hired employees?
- Have you made changes like upgrading equipment, renovating your office, or moving to a new location?
- Have you added delivery services? Or are you storing customer information in-house, instead of in the cloud?
- Did you file any claims in the past year, or has your business been involved in legal proceedings?
Any of these instances could result in different insurance coverage needs, and it’s a good time to remedy any gaps.
Review what your current policy excludes. The list of what your small business insurance policy does not cover may be eye-opening to you. When you review this list, you may realize that your business is not as protected as expected. It is best to know that now as you consider renewal or changing companies.
Obtain three competitor quotes. We know, grumble grumble. This is why you’re starting 60 days out. Really, it is easier than ever to get a quote. Gather up your business details and take advantage of online quoting. Pay attention to whether the process is user-friendly and contacting someone is convenient. Did you ask a question and receive a timely response? If the buying process isn’t great, having a policy with the company probably won’t be great, either.
Compare new policies to your current policy. Price is not the primary consideration in the end. Judge the current and possible companies on access to help, the knowledge level of people you talk to, their site, and what people say about the company in third-party reviews. Refresh yourself on how to choose business insurance. Doing this research could spare you the pain of feeling stuck with a bad fit. Spend a moment to compare those lists of exclusions, as well. If your current company fails to contact you within 30 days of renewal, you’ll be happy to have alternatives to consider.
Consider new coverages. The business landscape is shifting remarkably. Perhaps you do not currently carry cyber insurance. It is a great time to assess your level of data usage and whether your business could withstand the damaging results of a breach. If your services have changed, it might be time to consider professional liability insurance, as well. See what insurance companies offer your type of business and consider common small business claims!
Make a decision. If you decide your current insurer is meeting your needs and giving you excellent service, then go ahead and renew! Suppose this process has helped you realize that the service you are receiving now has been frustrating and unhelpful or that your current insurance company failed to suggest important coverage for your business. In that case, it is a great time to make a change. Some insurance companies will even handle canceling your current policy for you!
Whatever you decide, taking a moment to assess your unique small business’s needs and consider new options is worthwhile. Definitely avoid passing right into auto-renewal without any consideration. At the very least, you may want to increase or decrease your coverage limits with your current company. Your business is worth having the right company and the right policies to protect it.
Try Simply Business
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