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Commercial Insurance Renewal Checklist for Small Businesses

May 8, 2023 · 4 minutes to read

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.

A business owner working in warehouse

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!

*As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.
**This information is a general guide only and does not take into account your objectives, financial situation or needs. Always check with your local licensing board when getting or renewing your electrician’s license to ensure you are meeting their current licensing requirements.
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The coverage you need for your business

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General Liability Insurance

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Business Owner’s Policy (BOP)

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Workers Compensation Insurance

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Jennifer was very helpful and great to work with.
Very professional, fast and reliable. I appreciate their knowledge and experience. They have made this journey easier for me.
Very easy to renew! Thank you
super quick and easy process!
I am very satisfied with Bizinsure. No regrets
Very professional, easy, and thorough application process.
BizInsure is efficient and price friendly. I definitely reccommend them to anyone. Thank you.
Very easy to work with, cost effective, prompt renewal and easy to get certificates of insurance instantly. I use them exclusively for my professional and general liability insurance needs as a consultant.
Great process and very efficient.
Friendly and very fast service!
Jennifer Whiscombe, is an amazing agent. She was very knowledgeable, thorough and friendly. I highly recommend.
They make it very easy to buy insurance and renew.
As a business owner I love not wasting time. Thank you so much for giving me more time
Very straight forward, the cost of coverage amount made sense, simplicity was appreciated.
Always easy. Thank you.
A Company that is easy to deal with and that I have used for several years. I appreciate the continued support.
Very easy and affordable!
Responsive and professionalCompetitive price. I highly recommend Bizlnsure as an insurance provider
Your service is easy to renew as needed and your company informs the client in advance for renewal.
It has been a pleasure doing business with Biz Insure Llc.Their representatives are very courteous, helpful and customer service oriented.
Quick and easy....
I follow the instructions & would prefer to paid every month. I did not have the options to pay every month.
Thank you, Amy, for making my experience enjoyable and funny. Thank you so much for your kindness!!!
I'm pleased with the business quote I received from Bizinsure LLC. Thank You!
Very satisfied with the online experience
Been a happy customer for years! Easiest company to receive a quote and get insured. No hassles! Easy payment! Finance plans, if needed!
Love it
Every year, BizInsure is my go to for general and professional liability insurance! Thenrates are unbeatable.
The agent was quick and efficient in generating a quote for my needs.
I enjoy working BizInsure they always answer all my questions and make sure i have the correct coverage for my business.
Prompt and professional service from Biz Insure. Thanks Leslie and Liza!
Very easy to sign up for insurance.
Great company
Fast and efficient!
It was great being able to get a policy that suits my company's need in less than 30 minutes. They were vey thorough. Very competitively priced.
I worked with Andrea for another start up business. She was very knowledgeable and help me pick the correct policy. Amazed at how quickly the process went.
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