Small Business Insurance Renewal Checklist • Benzinga
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You’ve had the trouble of finding a small business insurance company, and it’s already time to consider renewing your policy. So, you might be wondering what you are supposed to do now to avoid a last minute decision making about a renewal that could cause you to settle for poor service or miss coverage that could be important. for your business next year. .
Unless your small business is very complicated, starting to consider renewing your current policy and researching other options should happen around 60 days in advance. This checklist tells you what you need to know about preparing for a policy renewal.
Small Business Insurance Policy Renewal Checklist
Confirm whether your current policy is sufficient or not. Many businesses have had to evolve enormously to survive over the past two years. Determine if you’ve made any changes to your business that affect your coverage needs.
Ask yourself these questions:
- Have you added any services you offer or changed your business goals?
- Have you hired any employees?
- Have you made any changes such as upgrading equipment, renovating your office, or moving to a new location?
- Have you added delivery services? Or do you store customer information internally rather than in the cloud?
- Have you filed any claims in the past year or has your business been involved in legal proceedings?
Any of these cases can lead to different insurance coverage needs, and now is a good time to fill in the gaps.
Consider what your current policy excludes. The list of what your small business insurance policy doesn’t cover can be eye-opening. When you review this list, you may realize that your business is not as secure as you expect. It’s best to know that now when you are considering renewing or changing businesses.
Obtain three competing quotes. We know, growl growl. That’s why you start at 60 days. Really, getting a quote is easier than ever. Gather your business details and take advantage of online quotes. Be careful that the process is user-friendly and that it is convenient to contact someone. Did you ask a question and received a timely response? If the buying process isn’t good, having a policy with the company probably isn’t going to be good either.
Compare the new policies to your current policy. The price is not the primary consideration in the end. Judge current and potential businesses on access to help, knowledge level of people you’re talking to, their location, and what people are saying about the business in third-party reviews. Brush up on how to choose business insurance. Doing this research might save you the pain of feeling stuck with a bad fit. Also take a moment to compare these exclusion lists. If your current business fails to contact you within 30 days of renewal, you’ll be happy to have alternatives to consider.
Consider new blankets. The business landscape is changing dramatically. Maybe you are not currently purchasing cyber insurance. Now is a great time to assess your level of data usage and whether your business could resist the damaging results of a breach. If your services have changed, it may be time to consider professional liability insurance as well. Find out what insurance companies offer your type of business, and review common small business claims!
Take a decision. If you decide that your current insurer meets your needs and provides you with excellent service, then go ahead and renew! Suppose this process helped you realize that the service you are currently receiving has been frustrating and unnecessary, or that your current insurance company has not suggested important coverage for your business. In this case, now is the perfect time to make a change. Some insurance companies will even take care of canceling your current policy for you!
Whatever your decision, taking a moment to assess the unique needs of your small business and consider new options is worth it. Absolutely avoid going directly to auto-renewal without any consideration. At the very least, you may want to increase or decrease your coverage limits with your current business. Your business deserves to have the right business and the right policies to protect it.