Renewal is the easiest time to find savings and fix gaps, and the easiest time to roll over a policy that no longer fits. Use this checklist before you sign another year.
Review what changed in the business
Start with the year behind you. Did you add employees, vehicles, a location, services, products, equipment, or revenue? Each can change your exposure, and your policy should reflect it. Changes that were never reported to the carrier are a common source of gaps.
Check limits and exclusions
Confirm your property limits still match what you own at replacement cost, your liability limits match the size of the business and your contracts, and your business income coverage matches your real recovery time. Skim for exclusions that matter for how you operate.
Confirm requirements are still met
Re-check that your coverage still satisfies your lease and client contracts, including additional insured status, waivers, and required limits. Requirements change, and so do contracts.
Compare the market
Renewal is the natural time to get a second opinion. An independent agency can compare your program across carriers, which can confirm the price is fair or surface a better option. Staying put is sometimes right, but it should be a choice, not a default.
What to do
Run this checklist 30 to 60 days before renewal, which leaves room to make changes and shop. A coverage review walks through all of it and tells you straight where you stand.
Questions to ask your advisor
- What changed in my business this year that the carrier should know about?
- Do my property and liability limits still match the business as it is now?
- Is my business income coverage sized to a realistic recovery time?
- Does my coverage still meet every lease and contract requirement?
- Is my current price fair compared to what the market would offer?
Want guidance first? Compare your coverage. Already know what you need? Get a quote.