Prepare for Liability Insurance Renewal

The more prepared you are in advance of a liability insurance renewal, the more smoothly the renewal will go. It also allows ample time to explore alternative options in the event of coverage changes. An attentive broker will be prepared at least two to three months ahead of time, including:

 

• A copy of the previous application documents
• Loss runs for the last five years to show how many insurance claims were filed by the business or organization
• Documentation for all of the company’s legal entities
• The address information for every business location (noting which are for employees and which are for storage or warehouse purposes)
• A list of part-time and full-time employees

 

Experienced brokers will also prepare a list of questions to ask the client to update information before renewing the insurance coverage. Usually, this is related to any possible changes to the company, such as:

 

• Have you had any significant changes concerning how you operate?
• Has your workforce grown, or has it shrunk?
• Do you anticipate your business will succeed or change in the near future? How?
• How has COVID-19 affected your workforce? Do you have more staff working remotely?
• Has your financial situation changed significantly?
• What do you anticipate your estimated revenue will be this year?
• How much is your payroll budget?
• What are the most significant risk areas for your company?
• What are your risk management goals? Were they met?
• What risk controls are in place?
• Have you considered the risk of cyber-attack?
• Do you have any current insurance claims? What is their status?
• If there were any claims, have there been any steps to guard against similar issues in the future?
• What health and safety efforts have been undertaken?
• Have there been any upgrades or improvements to the physical space?

 

With this information, you can be prepared for the liability insurance renewal and scrutiny by insurance underwriters. They can compare carriers and find competitive rates, even over multiple years. Work with a broker with expertise in your industry and excellent carrier relationships to negotiate on your behalf.

 

Are you looking for industry expertise and strong relationships with leading carriers? Contact the knowledgeable insurance specialists at CSRisks today to learn more about the options available for your next insurance liability renewal.