How do I prepare for my renewal?

Timeline:

• 90-120 days before renewal, the Whitlock Group contacts our clients to discuss the upcoming renewal and requests any necessary information the insurance company requires. This may include updated information and applications, financial information, and changes to assets and employees.
• 30-45 days before renewal, the insurance company should provide the renewal terms to us. Then, we analyze, compare, and modify the renewal with the insurance company to obtain the best terms possible.
• Once it is finalized, we present the renewal to our clients.

Commercial Insurance Renewal Checklist:

• Review Current Coverage
  • Does your expiring policy list all the correct locations, employees, financials, and assets, and does it align with your business size and scope?
• Assess Business Changes
  • Has your company changed significantly since the last renewal, for example, in terms of expansion, locations, services, employees, and assets?
  • Do you have new clients, contractors, or vendors that may require modification to your insurance coverage?
• Update Business Information
  • Add or remove locations
  • Add or remove buildings
  • Change employee count
  • Add or remove services or goods
  • Add or remove equipment or inventory
  • Add or remove commercial vehicles
  • Add or remove approved drivers of commercial vehicles
  • Updated Financials
• Analyze Claims History
  • Claims can result in increased premiums but also provide areas for improvement.
• Examine Policy Limits and Deductibles
  • Do you need to revise these based on growth or changes in your business?
• Check Safety Procedures
  • Safety procedures can improve safety and may reduce premiums.

What to Do:

• Know when your policy term ends and plan accordingly.  
• Start a conversation with your agent early and do not rush.
• Think about the previous year and the next year. Are there any changes?
• Focus on value instead of exclusively on price.
• Get trusted advice from an experienced agent.