Thoroughly reviewing your Property & Casualty Insurance policies and premiums can be a cumbersome process. But, while a seemingly exhausting obligation inherent to running a business, doing so this year could potentially save you thousands of dollars. With the hardening of the worldwide Property & Casualty marketplace this year, depending on your recent loss history, premium prices could increase 20%-60%.
So, to help turn this rather tedious task into a rewarding adventure, we've developed these 4 tips to improve this year's renewal and potentially save money in the process.
- Start early
- Insist that your Broker shares their findings and recommendations 120 days in advance of the renewal.
- The sooner you start your process, the more time you will have to collect information and review your options.
- Collect all the appropriate information at one time in order to stay organized.
- Start with the end in mind
- Establish a defined understanding of the company operations to ensure the appropriate coverage is obtained.
- Relay this knowledge to your broker in advance.
- The better your broker understands your business, the better they will be able to explain your Risk to the underwriters.
- Identify the crucial areas of business and how potential losses will impact operations.
- Discuss these areas in depth so that you understand all of your options.
- Know your numbers
- Assess previous renewal outcomes. What was the renewal timeline? How were your losses? Are you with the same Carrier year after year?
- If you have been with the same Broker for years and had no claims, but your premiums have remained level or even risen, red flag! Get competing quotes.
- Evaluate and hire the right Broker
- Your Broker should:
- Explain key terms and exclusions with clarity.
- Ask questions appropriate to your specific industry.
- Review your current policies and identify both positive and negative areas of coverage.
- Provide options and solutions for additional coverage.
- Your Broker should:
While these four tips can go a long way to help improve your company’s Commercial Insurance renewal, speaking directly with one of our Risk Consultants may reveal many more ways to enhance your company’s coverage at a better price. If you have any other questions on how to improve your company’s Commercial Insurance offering, feel free to schedule a 10 minute introductory phone call with our Risk Management experts and we would be happy to address your concerns.