Broker Check

4 Ways to Improve Your Company's Property & Casualty Renewal

January 16, 2020

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

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.