As we approach the end of the year, many businesses are getting ready to renew their commercial insurance policies. This essential risk management tool guards organizations against financial catastrophe. If you’re preparing to renew your policy, the tips below will help you get the most out of your insurance dollars.
What to Do When Renewing Your Commercial Insurance Policy
1. Consider a Multi-Year Policy
The first of the year is often the period when insurers are busiest. Many companies renew in January so that their policy will coincide with the financial calendar. During this time, your carrier may be amenable to more favorable terms. If you can lock in an excellent value, consider signing up for a multi-year policy. It guarantees you better rates and you won’t have to renew the policy as often. However, if you anticipate big changes in your business, a multi-year policy may not be your best option at this time.
2. Review Your Balance Sheet
Before you make insurance decisions for the upcoming year, check your balance sheet for significant changes over the last year. For instance, if you're keeping more inventory on hand, you may need to raise your business property coverage. If you've expanded your warehouse, you likely need more facility coverage. Finally, if you've broadened your offerings, a new product line could prove risky until you've worked out all the kinks, which means you might need more product liability coverage.
3. Request Multiple Quotes
Every carrier offers different prices, so it pays to request quotes from multiple insurers. However, instead of automatically choosing the lowest price, shop for the best value. Try to find a provider who will allow you to raise limits while lowering your deductible and eliminating certain exclusions for only a few dollars more per month.
When it's time to renew your commercial insurance policy, contact Consolidated Agency Inc in Rochester, NY, for assistance. They’ve served businesses and individuals in and around Monroe County since 1988. In addition to business insurance, they also carry auto, home, property, and motorcycle insurance. Visit their website to read what their clients have to say about them or call (585) 467-4110 to request a commercial insurance quote.