5 Ways to Prepare for Your Next Insurance Renewal
If you own or manage a business and have an insurance renewal coming up you probably don’t know it, or if you do, it is probably not in the top 10 of things you should…or need…to be thinking about but to your Insurance Advisor, your renewal is of utmost importance. These 5 ways you can prepare for your next renewal will not only help make the entire process run smoothly, it will make your Business Insurance Advisor feel warm and happy all over - We need love, too.
1. If your advisor is worth their salt, they know all about you. They know what your business does in detail, when you first opened your doors, who your competition is, your spouse’s name and that your last kid is finally, er I mean sadly, off to college. What we can’t do is guess on specific numbers like your payroll for the coming year or your estimated sales. A lot can happen over the course of a year so think about what variables may have changed dramatically and discuss them with your advisor.
2. Is it possible that over the course of the term you had an inspection by your insurance carrier? If so, you may have received a list of loss control recommendations. Don’t be fooled by the language here, if you were given a “recommendation” it is best treat it the same way you do when the IRS recommends you pay your taxes. If you know you had an inspection do a quick sweep to see that all of those “recommendations” were addressed either by completing them or by having a discussion with your advisor.
3. As painful as it may be, think for a moment about your loss history. Did you have a lot of claims over the past year? Did you notice any trends? Your advisor should be able to do a comprehensive analysis of your prior claims but nobody knows your business better than you and giving it some thought may help bring something to light that could end up saving you a lot of money and heartache in the future.
4. Ever cracked open that insurance binder on the shelf slowly collecting dust? That’s ok, you are not alone. It is your advisor’s job to be there for you anytime you have that burning question – “Are we covered for this?” – but your renewal is especially good for this reason. Take a minute to think about the stuff that is giving you grey hair and heartburn (no, tomato sauce is not covered...Unless you are a food manufacturer but I digress). Your advisor can find the answer for you if you just ask the question.
5. So, we covered what worries you but what about the stuff that drives you nuts? Are your installments due the same day as your biggest utility bills? Do you find you are always dealing with your audit just as your busy season is kicking off? Does your carrier send you piles of paperwork and you are a green company?! These are things your advisor can help with, don’t suffer in silence - let it out!!!
As a Business Insurance Advisor I welcome feedback, questions, and rants of all sorts from my clients. My goal is always the peace of mind of two parties, my client and my own and that is all based on the same thing; knowing your business is safe. To learn more about this or other Insurance & Business Solution topics contact me directly at 877-352-2121 ext 285 or bkingsbury@clark-mortenson.com
