Small Enterprise Renewal Guidelines • Benzinga – Benzinga
Did you know that most of our readers choose The Hartford for their professional and business insurance needs??
You've gone out of the way to find a small business insurance company and now it's time to start thinking about a contract renewal. You may be wondering what to do now to avoid last minute renewal decisions that could result in settling for poor service or missing out on coverage that will be important to your business for the next year could .
Unless your small business is very complicated, you should think about renewing your current policy about 60 days in advance and look for other options. This checklist tells you what you need to know to prepare for a contract renewal.
Small business renewal checklist
Confirm whether your current policy is sufficient or not. Many companies have had to evolve tremendously in recent years in order to survive. Think about whether you've made any business changes that will change your coverage needs.
Ask yourself these questions:
- Have you added the services you offer or changed your business goals?
- Have you hired employees?
- Have you made any changes, e.g. B. upgraded your equipment, renovated your office or moved to a new location?
- Have you added delivery services? Or do you store customer information internally instead of in the cloud?
- Have you made claims in the past year or was your company involved in legal proceedings?
Each of these cases can lead to different insurance needs and this is a good time to fill in any gaps.
Check out what your current policy excludes. The list of what your small business insurance doesn't cover can open your eyes. When you review this list, you may find that your business is not protected as expected. You know best now when you are thinking about a renewal or a change of company.
Get three competitor quotes. We know grumble grumble. This is why you start with 60 days. Getting a quote is really easier than ever. Collect your business data and use the advantages of creating offers online. Make sure that the process is user-friendly and that it is convenient to contact. Have you asked a question and received an answer promptly? If the buying process isn't good, having a policy with the company is probably not good either.
Compare new policies with your current policy. In the end, the price is not the primary criterion. Assess the current and potential companies based on their access to help, the level of knowledge of the people you talk to, their website, and what people are saying about the company in third-party reviews. Find out how to choose business insurance. Doing this research can save you from feeling stuck with a poor fit. Take a moment to compare these exclusion lists as well. If your current company doesn't contact you within 30 days of renewal, you'll be happy to consider alternatives.
Consider new covers. The business landscape is changing noticeably. You may not currently have cyber insurance. It's a good time to assess how heavy your data usage is and whether your business could withstand the harmful effects of a security breach. If your services have changed, it may be time to consider getting professional indemnity insurance as well. Check out which insurance companies offer your type of business and consider the common small business claims!
Make a decision. If you think your current insurer is meeting your needs and providing you with excellent service, then just renew! Suppose this process helped you realize that the service you are now receiving has been frustrating and unhelpful, or that your current insurance company has not suggested critical coverage for your business. In this case, it is a good time to make a change. Some insurance companies will even cancel your current policy for you!
Whatever your decision, it is worth taking a moment to assess the needs of your individual small business and consider new options. In any case, avoid going directly to the automatic renewal without consideration. At the very least, you may want to increase or decrease your coverage limits with your current company. Your business is worth having the right company and policies to protect it.