Business Insurance: Policy Renewal Checklist
As a business owner, you set your focus on growth: larger contracts, more customers, and upgrades to your equipment and services. As your business expands, it is important that your insurance policy does the same.
Insurance brokers are experts in all things related to insurance. From risk management strategies to industry-specific advice, there are several benefits that come with working alongside a broker. At the time of renewal, your insurance broker will review your business insurance policy with you in detail; however, there are several steps you can take to ensure you have everything you need before you sit down with your broker. These steps can help you identify any changes to your business that may require you to revisit your insurance coverage or limits.
Review your existing business insurance policy
First, review your current insurance policy and prepare a list of questions for your broker. These may include but are not limited to:
- New divisions of the business
- Expanding into new locations
- Hiring additional staff
- Claims
- Newly identified risks
- Any issues that have occurred
If you’re well-informed on the state of your business ahead of the meeting, you’ll understand if your current insurance policy requires changes. It will also help you identify any potential risks to address with your broker.
How well do you know your business?
Next, create a checklist of things to bring for discussions about your renewal to help you and your broker decide whether changes need to be made to your policy and to determine whether you can expect any change to your premium.
- Expenses and paperwork to review
- Mandatory equipment maintenance
- Claims you may have already filed
- Any new asset valuations that need to be assessed and recorded
Take time to reflect on your operations and any changes since your last policy renewal or the last time you provided your broker with an update. Consider whether your business has grown and how those changes impact your daily operations. Have you purchased new equipment or vehicles or leased or bought new offices or property? Take every development into account. If you experience recurring or seasonal changes, your broker may request seasonal updates rather than annually.
Goods and services meet technology
Tech-savvy or not, there is no denying the role technology plays in the business world. There are many ways to incorporate today’s continually changing technology into your daily business operations. Technology changes the way your customers interact with your products or services. When expanding from a traditional brick-and-mortar retail outlet to selling or advertising online, it’s important to understand how that expansion shifts your market and what potential risks come with the benefits.
If your business leverages technology, such as mobile point-of-sale (POS) systems or email marketing automations, it can positively impact how your business connects with customers. However, it also presents a unique set of risks to business owners.
If you host any client information in a database (such as email or payment details), a cyber breach can cause catastrophic damages to your customers and your business. If you have plans to adopt new technology for your business, your policy renewal is the perfect time to discuss potential risks and how to cover these exposures.
A business insurance policy that evolves with your business needs
As your business grows and expands, so too does your insurance policy. What may have been a perfectly matched policy a few years ago may no longer effectively cover the needs of your business – especially when your company is growing and changing!
As an insurance broker, we take great care to understand the evolving needs of your business and ensure you have adequate protection from risk. Reviewing your policy and business needs ahead of your renewal date will ensure you can have an informative conversation with your broker. It will also allow you to focus on building your business to progress in the areas that matter most to you.
It’s critical to ensure your business is protected as it grows. By taking time to prepare for your policy renewal, you can keep your focus on building your business and making progress in the areas that matter most to you.
