Having commercial insurance is important for your business. The right coverage mitigates any financial risks and protects you in case of any unexpected events. To make sure that your business has adequate insurance coverage, you need to review your commercial insurance policies annually, rather than just allowing them to automatically renew. Using a business insurance renewal checklist will make it easier to assess your current needs and will make the renewal process go as smoothly as possible. You can also use a checklist to prepare you to speak with an insurance agent. An EZ agent will use the info you gather to help make sure you are fully covered, and to see if there are any discounts available.
1. Gather Policies, Reports & Data
Before it is time to renew your commercial insurance policies, gather all your financial reports including profit and loss statements, so you can go over your real property values and locations, income generated from those properties, gross revenues, inventories and any other financial details related to your business. Any changes in your revenue affect your insurance; as revenue increases, your premiums will increase as well.
In addition to gathering all of your financial documents, you should also look at all of your insurance policies, and your workers’ compensation experience data rating sheet. Reviewing all of these documents together can help you determine if you need to lower your coverage, increase your coverage, or get rid of certain policies.
2. Review Any Changes You’ve Made to Your Business
If you have opened a new location, purchased new equipment, or updated your current building, this will affect your commercial insurance coverage. If your business has grown, then the coverage that you had from last year will not be sufficient. On the other hand, if you’ve pared down, then you might be paying for insurance that you don’t even need!
3. Review Changes To Your Staff
Have you hired any new employees? Have you lost some? Are some employees doing riskier work now than they were last year? If you’ve answered yes to any of these questions, then your current workers’ compensation coverage might need to be updated. The size of your payroll affects your workers’ compensation rate, so any time that employees join or leave your business, workers’ comp coverage levels should be adjusted. The insurance renewal process is the perfect opportunity to make sure that you have the appropriate workers’ comp coverage.
4. Check Policy Exclusions
When it is time to renew your insurance, make sure to double-check your policy exclusions to determine what events and circumstances your policies will and will not cover. Make sure that you are comfortable with these exclusions, and if you are not, speak to an EZ agent. Our agents will make sure that any particular event you want covered will be covered next year.
5. Review Your Claims History
Losses and claims have a major effect on your insurance premiums. A history of claims will drive your premiums up, but if you have a clean loss history, your rates may go down over time. Assess how many claims you have made and why, and see if there is a way to prevent making them in the future. And if you have not had any claims or losses, speak to an EZ agent to see if you can get a discount on next year’s policy.
6. Choose The Right Agent
A good insurance agent will take the time to review all of these documents, statements, and changes to your company. They will also take the time to review your policies and make sure your business will be fully protected in the coming year. Even if there haven’t been any changes to your business, it is still good practice to regularly update your existing policies, and an EZ agent can check to see if there might be a better policy available to you.
Choosing the right agent is the best way to save money on your commercial insurance policies, and EZ has the best agents for the job. Our agents will assess your business’s needs and compare all available plans in your area at no cost to you. We truly care about your needs, which is why our services are always free. To get instant, accurate quotes, enter your zip code in the bar above, or to speak directly to one of our licensed agents, call 888-615-4893.