Commercial Insurance Renewal Checklist for Small Businesses

Small business owners are busy people. With so much on your plate, it may seem like too much of a hassle to review your commercial insurance coverage when it comes time to renew. However, skipping this step could potentially leave you underinsured or overpaying for insurance.

Insurance policy renewals are an excellent time to revisit your business coverage. A lot may have changed since you first bought insurance. Your coverage needs may have changed too. Renewal time could be the perfect opportunity to manage new risks and look for potential savings.

Here’s a short insurance renewal checklist to help your small business review your current coverage.

When should I review my commercial insurance coverage?

Getting a head start on insurance renewals may be a wise move. Waiting until a few days before you need to renew your policies could create unneeded stress. You might also miss or forget important information that could impact your coverage needs.

Set aside time a few months or several weeks before your renewal deadline to gather the information you’ll need. Your annual revenue plays a part in how much you pay for many types of insurance, so you may need financial documents to double-check those numbers.

You should also think about other ways your business has changed since you bought or last renewed your policies. There are many factors that could impact how much coverage you need and the amount you’ll pay for it.

What factors might impact my insurance policy renewal?

A lot can change in a year! Before you renew your commercial insurance coverage, answer these questions:

Have you moved to a new location?

Moving your business or opening a new location could mean changes to your General Liability insurance or Business Owner’s Policy (BOP). In some cases, your rates could even go down. Relocating to smaller premises or to a space with better safety features (such as a wired alarm system and sprinklers) may minimize risk.

Have you hired new employees?

Every state (except Texas) requires businesses to have Workers’ Compensation insurance. The rules vary between states, but generally, you will need a policy before you hire your first employee.

Your Workers’ Compensation coverage should be adjusted as employees join and leave your business. This helps ensure that all employees are covered and that you aren’t paying for people who are no longer there.

What goods and services are you offering?

Your Professional Liability policy may need to be updated if you are offering new services or goods to your customers. If your new offering is not covered by your current policy, you could run into trouble should a claim be made against your work.

Did you purchase new business equipment?

Protecting essential business equipment against breakdown and damage is vital for many small businesses. New equipment should be listed in the Equipment Breakdown section of your BOP. That way, if something goes wrong, you can pay to repair or replace it with less stress and impact on your operations.

Compare policies with BizInsure

After you’ve completed your insurance renewal checklist, it’s time to compare policies. Insurance policy renewals are a convenient time to see what other insurers have to offer. You may be able to find a better deal, both in terms of the coverage you’ll receive and the amount you will pay.

An easy way to compare commercial insurance coverage is by using BizInsure. Their platform lets you view quotes for multiple products from multiple, A-rated insurers and compare them side-by-side. Buying is also easy—just 10 minutes from quote to purchase, and you’ll even receive your policy documents by email instantly.

Ready to compare General Liability insurance and other policies for your small business? Start comparing now and see if you can switch & save!