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Renewal time!

May 31, 2017 · 3 minutes to read

Once a year, your business will get a piece of mail stating that its business insurance is up for renewal. In most cases, it will include a quotation of the premium and a request for payment. It is tempting for the busy entrepreneur to just make the payment and not worry about the issue for another year. In a high growth company however, a lot could have changed over the last 12 months and your business may no longer be adequately covered by your existing policy.

We recommend that the insured work with their broker to review coverage needs prior to the expiration of the existing policy. The first question a small business owner should ask is, “How have my operations changed?”  In today’s fast changing business environment, many businesses plan to do one thing, but end up doing something else entirely. These changes in operations change the risks that need to be insured and that needs to be taken into consideration when the policy is renewed.

Another question that needs to be asked is if the value of the Business Personal Property on the insurance policy is reflective of the property’s actual value. When a business grows, it accumulates additional furniture, fixtures and equipment to accommodate its growth. This should be accurately reflected in the commercial property section of a Business Owner’s Policy (BOP) or Commercial Property Policy to make sure the property is adequately protected. Have the places that you use your business assets expanded from the office only to on-the road? If so, an Inland Marine policy may offer broader coverage than a Commercial Property policy for your assets while they are in transit.

Both Commercial Property and Commercial Liability policies have provisions for deductibles. A small business owner needs to determine if the amount of the deductible is suitable for the needs of the business. Specifically, can the business can afford to participate in the risk of a loss through the deductible at its current level or does it need adjustment?

Businesses should also consider the addition of an Umbrella Policy (to cover losses in excess of their existing insurance policies). For a reasonable premium, business owners can add an additional layer of protection from liability claims and other losses.

If a business has employees, it should consider purchasing Employment Practices Liability, and Employee Benefits Liability coverages. Employment Practices Liability coverage protects a business against allegations of wrongful acts suffered by an entity’s employees. Employee Benefits Liability coverage provides coverages for any fiduciary responsibilities an employer has related to offering health and retirement benefits to employees as well as coverages for suits related to the administration of an employer’s benefits programs.

If the entity is a corporation, investors and managers should think about purchasing Directors and Officers Liability insurance. This coverage provides indemnification and defense for a corporation’s Directors and Officers against claims or suits involving the corporation in which they are personally named as defendants.

If you run a small business, is your current insurance broker is meeting the needs of you and your business? If you would like to see how we can help your business plan and optimize its coverage, contact us at 1-877-900-9998 or go to https://www.bizinsure.com.

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Responsive and professionalCompetitive price. I highly recommend Bizlnsure as an insurance provider
Zynab B.
1710433556
Your service is easy to renew as needed and your company informs the client in advance for renewal.
Henry B.
1710352389
It has been a pleasure doing business with Biz Insure Llc.Their representatives are very courteous, helpful and customer service oriented.
Shonta I.
1710297732
Quick and easy....
Tammy K.
1710172643
I follow the instructions & would prefer to paid every month. I did not have the options to pay every month.
Alamo H.
1709935830
Thank you, Amy, for making my experience enjoyable and funny. Thank you so much for your kindness!!!
George J.
1709840615
I'm pleased with the business quote I received from Bizinsure LLC. Thank You!
Shanda J.
1709586997
Very satisfied with the online experience
Nicole h
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Been a happy customer for years! Easiest company to receive a quote and get insured. No hassles! Easy payment! Finance plans, if needed!
jodi H.
1709226367
Love it
Hanna R.
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Every year, BizInsure is my go to for general and professional liability insurance! Thenrates are unbeatable.
Calandra K.
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The agent was quick and efficient in generating a quote for my needs.
Theresa F.
1707895796
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!
Bev G.
1707524454
Very easy to sign up for insurance.
Great company
Brown G.
1706896003
Fast and efficient!
Kim C.
1706746693
عالی
alireza J.
1706727364
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.
Lynette C.
1706621476
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.
Representative was very kind, helpful, and educated me well. I appreciated today's prompt service with confirmation that I was satisfied with what was provided to me.
Tina P.
1706224051
Great company for.your low cost business insurance needs.
constantin T.
1706156911
Staff was very fessional and friendly. I was able to get a quote and move forward within 20 minutes.
Pebbles S.
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Wonderful
Complete C.
1705788054
MUY BUENO
Super easy process.
Ashley G.
1704830227
It’s very easy to understand and at a very reasonable price.
Mary M.
1703780096
Professionalism, Quality, Responsive and budget friendly
B D
1703029371
Great rates, easy to understand and select appropriate coverage, can get in a jiffy
Brie C.
1702775397
I have been a customer of BizInsure for a few years now and I love it. There customer service is awesome and the prices are affordable.
Danyale W.
1702132165
Quick easy experience! The rep was knowledgeable & pleasant. Customer care was awesome to respond and clarify my concerns.
Kathy Ann A.
1702059151
bizinsurance makes purchasing Business Insurance...SIMPLE!
Andrea W.
1701380391
Great quality of Service ,faster and convenience way to pay at most. Thank you for your Service to my Healthcare Facility .
Quick and easy!!!!
Terry
1701319042
Great service! Easy process and very informative representative. Andrea was great and very patience with our process. I would recommend using them!!
Terrance R.
1700848536
Always and easy process. Thanks!
Gerald S.
1700244544
Renewal was quick and easy online
Angelita K.
1699752900
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