Renewing your business insurance is a chance to ensure your coverage keeps up with your evolving needs. As your business grows, so can your risks, making it essential to review, reassess, and possibly adjust your insurance policy each year. We’re breaking down the key steps in the business insurance renewal process so you can feel confident you’re covered, protected, and getting the best value for your policy.
Step 1: Learn when your policy period is ending. What’s the length of your current policy, and when is it set to expire? Will the policy auto-renew, or do you need to take action to keep your current coverage? Your local, independent agent can help you with these details.
Step 2: Think through the past year and the year ahead. Did you make changes to your business this last year that would affect your coverage? Do you have future plans to make any changes? Make notes of new locations, new products, team growth, and consolidations to share with your agent. This is also a good time to think through your current coverage limits, deductibles, and exclusions and how they’re working for you.
Step 3: Start a conversation early. The earlier you start planning, the better. Reach out to your agent one to three months before your policy expires. This gives you enough time to learn about policy adjustments or enhancements, ask questions, and gather documentation.
Step 4: Get an updated quote. Once the above steps are complete, get a quote for your updated policy. If you work with an independent agent, they’ll be able to compare rates and ensure you’re getting the best coverage for your money. Your updated quote will include any new or adjusted options based on your answers to step two.
Step 5: Sign and finalize your policy. You’ve reviewed your needs and risks. You’ve asked questions. You’ve gotten a quote and chosen your carrier. Now, it’s time to sign and secure your policy. Keep records of your policy numbers and key names and contacts so you have them handy for anything that arises.
Step 6: Mark your calendar for the next renewal. Before you know it, you’ll be at step one next year. So, mark your calendar to keep yourself on track.
Looking for support for your next business insurance renewal? We work with over 800 local, independent agents who are insurance experts. Talk to one near you.
This content was developed for general informational purposes only. While we strive to keep the information relevant and up to date, we make no guarantees or warranties regarding the completeness, accuracy, or reliability of the information, products, services, or graphics contained within the blog. The blog content is not intended to serve as professional or expert advice for your insurance needs. Contact your local, independent insurance agent for coverage advice and policy services.
