Commercial Insurance: Your Guide To Renewing Your Policy

Commercial Insurance: Your Guide To Renewing Your Policy

Commercial Insurance

Business Insurance

Do you have a commercial insurance renewal coming up?

We like to keep your renewal process as simple as possible. Therefore, we have provided a checklist so that your company does not run the risk of being under-insured or potentially overpaying for coverage that it does not need.

1. It is important for a business owner to get a head start on their renewal:

Preparing for your renewal in advance will allow you to gather relevant financial information. This will allow your insurance agent to work on your behalf and determine if any policy adjustments need to be made.

2. Have you moved to a new location?

Many changes to your company can impact your insurance e.g. expanding to a new location or opening an additional office. These changes may require alterations to your general liability insurance or even your business owner’s policy. In this situation, your insurance rates can sometimes decrease if the new location is smaller and has enhanced safety features.

3. Have you employed more people in the last year?

As employees join or leave the company, your insurance policies may need adjustments. The insurance renewal process is the perfect opportunity to verify if you are carrying appropriate cover for your employees.

4. Has your company changed its product or service offering?

Changes in your service offerings may require adjustments to insurances such as your professional liability cover or product liability policy. It is important to tell your insurance provider about any changes.

5. Did you purchase any new business equipment?

The type and amount of equipment that a business owns can sometimes impact your annual premium. Therefore, if you buy or sell expensive equipment, you must notify your insurer.

6. Has there been any changes to your business practices?

If your business practices have changed significantly, you may need to adjust certain policies, such as general liability insurance, or add new ones, such as commercial vehicle insurance.

Always make sure that you are adequately insured.

7. Shop around to compare policies:

Perhaps your company hasn’t undergone any significant changes in the past year. However, your annual renewal is a great time for comparing the market.

Murray & Spelman Ltd compare quotes from multiple A-Rated insurers to make sure you are in good hands. Our commercial executives are happy to visit clients offices to undertake and review all of the points mentioned above. We provide a face-to-face assessment of your business and truly get to know your company’s needs. Alternatively, we have two state of the art offices in both Galway and Kildare where a client can call in to us and talk through their insurance requirements.

Request a callback for your commercial insurance today.