You should always look at current market conditions before renewing your business insurance. Using a brokers is the best way to go as they have easy access to a range of insurers.
Here are some tips to consider when renewing your business insurance policy:
– Ask your insurance broker about how the current conditions affect your premiums and coverage and obtain at least 3 different quotes from different business insurers.
-Make sure you consider the risk of technological business interruption. If your business depends on electronic transactions for revenue, your policy should specifically address business costs of loss of technological capabilities.
– Evaluate the businesss responsibility to insure property leased to it. Are the coverage limits mandated in the lease agreement satisfied by the current policy?
– Assess the value of any renovations or improvements to the business infrastructure. What has been done to improve the infrastructure since your last renewal?
– Check any coverage exclusions for vacated buildings. Policy clauses can limit or exclude even a temporarily vacant property from coverage. Review the policy and any changes in occupancy of covered buildings.
Following these tips and taking the time to carefully assess insurance needs, rather than simply renewing it automatically, will help.