4 Ways to Improve Your Company’s Insurance Renewal

4 Ways to Improve Your Company’s Insurance Renewal

March 12, 2018 Business Insurance and Risk Management, The Beacon Blog 0 Comments

Choosing to review your Workers Compensation & Insurance Package and premiums can potentially save you thousands of dollars. It is a fiduciary responsibility that comes with running a business, however, in doing so there are a number of steps and pieces of information to be gathered that can be seemingly cumbersome. With that said, here are four ways to improve your company’s renewal process and make life a bit easier.

  1. Start early
    • Renewals are typically available 60 or more days in advance of the renewal.
    • Insist that findings and recommendations are presented 30 days or more in advance of the renewal.
    • Collect all the appropriate information at one time.
  2. Start with the end in mind
    • Establish a defined view of the company operations so you are being offered appropriate coverage.
    • Identify the crucial areas of business and how potential losses will impact operations.
    • Discuss these areas in depth so that you understand all of your options.
  3. Know your numbers
    • Assess previous renewal outcomes. What was the renewal timeline? How were your losses? Are you with the same Carrier year after year?
    • If you have been with the same Broker for years and had no claims but your premiums remain level or even rise. Red flag! Get competing quotes.
  4. Evaluate and hire the right Broker
    • The Broker should explain key terms and exclusions with clarity
    • The Broker should ask questions appropriate to your specific industry.
    • The Broker should review your current policies and identify both positive and negative areas of coverage.
    • The Broker should provide options and solutions for additional coverage.

While these four tips can go a long way to help improve your company’s Commercial Insurance renewal, speaking directly with one of our Risk Consultants may reveal many more ways to enhance your company’s coverage at a better price. If you have any other questions on how to improve your company’s Commercial Insurance offering, contact Stacey Bleckley at staceys@thebeacongrp.com / 610-947-6105

About the Author

Marc Menickella

Marc Menickella joined The Beacon Group of Companies in mid 2017 and is currently acting as the Director of Marketing. Marc received his Bachelor's degree in Communications and Marketing from The College of New Jersey in 2015 and has over five years of professional experience in marketing specializing in social media and digital marketing.