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7 Reasons Why you Should Switch Insurance Companies

Jun 20, 2023 · 8 minutes to read

You can change insurance companies whenever you want, whether you have had your business insurance for a couple of weeks or several years.

Many reasons exist to consider other options. When you started your business you may have been in a rush and chose something quickly. You may have been working with the same business insurance broker for many years, but you’ve heard that there are better options.

Getting insurance for your company has never been simpler thanks to the digital revolution. Signing up for online business insurance is easy with many insurance companies. Average costs of small business insurance have dropped and insurers can offer better and quicker support than ever before.

We’ll explain why some people switch insurance carriers and give you tips on how to do it.

You may want to switch your insurance company if you notice these 7 signs

You may want to look into new providers if you nod in agreement with any of these scenarios.

1. You’ve had bad claim experiences

It could be the long wait time when you call or that they don’t reply to your emails. You may have had to wait for months before your insurance claim was settled, and you were not given any information as to why.

It’s not worth staying with a company that hasn’t been good to you in the past. Consumers have more options than ever before. Consumers can do research on companies before ever interacting with them.

You should be able to receive approval for your claim and the payout in a reasonable amount of time. If your insurance company has consistently been unhelpful, unresponsive, or refused to cover things that you believe they should have, you may want to look elsewhere.

2. The insurance provider is hard to work with

If your insurance company seems difficult to work with, whether it’s getting certificates or explaining your coverage, don’t just assume that this is the way things are.

You should feel comfortable speaking to anyone at the company. They should be supportive, responsive, and helpful. There should be someone you can turn to for any questions or concerns, and they should respond promptly and clearly.

They should also think of ways to make insurance easier to access and more convenient for you. They could provide a self-service portal to update Additional Insured without having to call an agent. Having an app to submit a claim anywhere and anytime is also ideal.

It may be time to switch insurance companies if these criteria are not met by your current insurer.

3. You are now looking for a new agent because your previous agent has retired or left the company

We get it, relationships matter. We understand that relationships are important.

Insurance agents are no different. It’s possible that the agent who sold you the insurance leaves or retires and someone else replaces them. The new agent may not be as loyal to you as the previous one. Will they try to sell you things that you don’t really need?

You may want to look at other options. Are you receiving the best rate? Are you getting the best coverage? Do you feel satisfied with your coverage and service or could it be improved? It might be time to look around.

4. Insurance costs are too high/not enough value

You may be required to carry insurance as part of your employment. You may want insurance to protect your business. Insurance shouldn’t be expensive. How can you tell if you are paying too much?

Ask other professionals within your industry how much premiums cost them. If you notice that others in your field are paying less for insurance, it may be time to negotiate your terms or change providers.

What can you do if you pay a reasonable rate for insurance but still find it has eaten up a larger portion of your budget?

You may be being nickeled and dimed by your insurance company. Some insurance companies charge for everything to get every last penny out of their customers.

Do they charge you for a Certificate of Insurance that proves your insurance? Does your general insurance exclude essential coverage and charge for additional insurance?

Don’t assume that every insurance company will charge you more. Shop around to get detailed quotes, and consider switching carriers for better rates and values.

Knowledge is power, even if you do not end up switching providers. You’ll be better equipped to negotiate with your provider with more information and quotes from peers.

5. You may have changed your business, but not your insurance

Even if you are happy with your service from your insurer, things can change. You might have launched a new service or product, like a mobile service or a food truck.

It’s time to shop around if your current insurance policy doesn’t cover the new part of your business or is too expensive. You’ll need to make sure that your business is protected.

Assume, for example, that your insurance policy has been the same over many years. There are likely better options now. If you have a long-term relationship with an insurance company, they should be able to offer you updated policies that reflect the changes in your industry. You may want to consider switching if they cannot.

6. Insurance company changes their terms

Your insurance company may have changed. Sometimes it happens.

You may be notified by your insurer that they are changing their policies, coverage areas, or coverage offerings. Upon receiving the notification from your company, you may unexpectedly find yourself in the position of needing to seek out an alternative provider.

Insurance companies do not want to leave their customers high and dry. They may offer alternatives or give recommendations. However, whether they are the most suitable option for your business or offer similar pricing is a separate matter altogether.

By doing your research, you can find a new carrier and avoid feeling like you’ve been kicked out. You might find better insurance rates or customized policies tailored to your company.

7. A recommendation is given by someone you know and trust

Perhaps someone you know has had a positive experience with their insurance company. They had a problem and resolved it quickly or their claim was processed quickly. We like to hear these stories.

You’re experiencing the FOMO effect (Fear of Missing Out), and wondering if it’s worth joining what someone else has found. Should you interpret it as an indication to switch carriers?

Probably! You are getting valuable information based on personal experience. You may get valuable insights into the customer’s perspective from the person who recommended you to this insurer.

They can, for example, tell you if they charge extra for certain services or products. They can tell you about their processes, turnaround, and response times, and much more.

It’s worth checking out a brand or company that has been recommended by someone you respect. They may be able to save you money and time with their recommendation.

Switching business insurance providers

Check your policy or ask your agent about cancellation fees that may apply when switching business insurance providers.

Here’s how to switch insurance agents or companies if you’re considering it.

1. Research new providers

Do your research on small business insurance companies that offer coverage for your industry or job. You can get a free quote from many carriers, so compare quotes from three or more different companies.

2. Purchase new insurance

Purchase your new coverage before you cancel your existing coverage.

Plan so that your new policy starts a few days before the expiration of the old one. A coverage gap, even if it is only a few days long, can lead to fines depending on the laws in your state and industry.

3. Notify your current provider

You must cancel your previous insurance once you are covered by the new policy. Contact your former insurance company and start the cancellation procedure. Your agent can provide you with information on open claims, fees, or refunds for policy periods that were not used.

You can schedule the end of your coverage so that you get continuous coverage.

4. Notify third parties of your insurance proof

Find out how you can access your insurance when you need to. You can either download and print certificates of insurance or access them on an app. Or, you can have the certificate mailed to your home.

Do you know that doctors’ offices ask you if you are covered by the same insurance policy every time you go to them? You should also notify third parties of any changes to your insurance. You may need to notify your clients or landlords if you lease commercial property.

Want to switch insurance companies? Think about BizInsure

You can rely on BizInsure for the protection of your small business.

We can help you find the right insurance for your budget and needs, whether you’re looking for commercial auto coverage, workers’ compensation, professional liability, or commercial property.

Our licensed insurance professionals in the United States are ready to answer any questions you may have.

Get a quote today.

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