There are a few annual tasks most business owners know well, and one of those tasks is business insurance renewal time. A business is constantly evolving, and your business insurance should account for these changes. It may not be an annual task you look forward to, but, if you prepare in advance, you get the best business insurance renewal each year.
ALIGNED Insurance will typically get in touch with you 90-120 days prior to your insurance renewal to provide the best possible experience. But as a client, it’s important to know when your existing policy will expire, and also take steps throughout the year that will help you come renewal time.
Here are 5 things to have prepared prior to renewing your business insurance
1. Changes your business has had in the past year
Are you offering new services or products? If your business activity has changed since you last renewed your policy, this is important for us to know when we renew your policy. Your business insurance may need to change, and you may need to add a business insurance product to protect your business risks that may not have been an issue previously.
2. Have you had any changes to your location, renovate, moved etc.?
Your business’ location and replacement cost of physical assets are important factors in determining your annual premium. If you have moved your business to a new location, you will need to inform your ALIGNED Advocate. If you moved into a smaller and safer building where there are stronger safety measures in effect, your premium may decrease. However, if you did not move, but your building has undergone renovations, your coverage will need to reevaluated. Be sure to advise your ALIGNED Advocate of changes if/as they happen and keep any of these changes on file so you can easily provide all this information to your Advocate come annual renewal time.
3. New Tools, Equipment, and Physical Resources
If you have made any material purchases for your business such as computers, equipment, tools, machinery, etc., you should ensure they are properly insured by providing updates, lists etc to your ALIGNED Advocate. It’s important to protect these valuables from risks that can affect your business. Their usage, value, transportation, etc. will all be taken into consideration by your Advocate.
4. Do You Offer Business Online?
According to the Globe and Mail, Report On Business, cyber attacks have increased 151% globally in 2021…and it could get worse. If you are conducting business online, you will want to consider cyber liability insurance. If you are selling products or services through a third party, such as Amazon, you will want to ensure you have the proper insurance in place for this as well.
5. Your Business’ Revenue
We always hope that have seen an increase in sales and activity since you last renewed your insurance. However, increases in business revenue typically comes with increased risk and may require enhanced protection. Whether revenue is increasing or decreasing it’s always an important factor of consideration when renewing your policy and it’s important to share this with your Advocate so they can negotiate the best and right insurance.
When you prepare in well in advance, you can expect a better outcome for your renewal. Here are some other things to consider before your renewal:
- Ensure you schedule your meeting at a appropriate time so you don’t feel rushed
- Throughout the year, take extra to means to protect your business from risks. Increased secuirity, caution signs for employees and customers, protecting your business from extreme weather, taking care of your business property, etc. You can always speak to your Advocate about additional measures and practices you can do to protect your business
- If you experience any significant changes throughout the year, be sure to get in touch with your Advocate
Do you have questions regarding your business insurance renewal?
Get in touch with ALIGNED and one of our brokers will be happy to assist you. You can also click here for a free quote or give us a call to learn more.