4 Things to Consider Before Renewing Your Business Insurance

by | Jan 19, 2023 | Commercial Insurance

Business insurance is meant to protect you and your business in case something bad happens, and it ensures you have essential coverage for various possible claims.

Although the state of Louisiana only requires businesses to carry workers’ compensation coverage, you may want to consider additional coverage, such as general liability or commercial property coverage.

Business insurance can offer you protection in various cases, such as property damage or damage to rentals and premises, accidents that involve medical fees, various lawsuits and legal fees, natural disasters, repairs and replacements, and more, depending on the type of insurance you choose and on the offer your insurance company has for you.

Some of the most important types of business insurance available to manage various risks are:

Read also: How Do I Get Insurance for My Small Business?

When talking about your business insurance renewal, you first need to evaluate and re-evaluate the most important aspects of your business, depending on which you would need protection in case of any incidents.

These could refer to your employees, the field of work, the services you’re offering, the location where the work happens, the environment needed to run the business, the equipment and the resources needed, property and intellectual property, and the history of claims in the past year and before.

Below, we have put together a list of things that you should consider before renewing your business insurance policy.

Start early and don’t count on automatic renewals

It is recommended to start looking into renewing your insurance around 60 days prior to the expiration date. This will offer you enough time to evaluate your current status and satisfaction, and make an informed decision.

It is also worth keeping in mind that not all insurance policies have automatic renewal, and if you are satisfied with your current insurance and want to keep it, you should make sure the renewal is happening.

Check if your previous insurance policy is still sufficient or not

Has anything changed since you previously contracted your business insurance? You may have hired more employees or moved to a new location. If yes, is the insurance plan still in accordance with your protection needs, or did they change, either increasing or decreasing?

If there are significant changes, you should make sure your renewed insurance policy is updated in accordance with the changes that happened and that any gaps or differences are covered.

Find the best insurance agents in your area and get quotes from at least a few competitors

Businesses evolve fast and so do agents and insurance companies. Make sure you have an experienced insurance agent who understands your business correctly, to best evaluate the risks and be able to recommend the appropriate product for your business.

Even if you are set to keep the same insurance company, it’s still recommended to get a few quotes from the competitors, both to have a better idea of the offer and to create space for renegotiating your policy renewal.

Consider adding more variety in coverage for your business

Technology and business evolve and so do the risks. If your business has developed and your revenue has increased since you contracted the previous insurance policy, it is a good time to add extra protection and new coverages.

For example, if you recently launched a new product, you might want to consider adding product liability coverage, or if you offered a new service, it might be time to review your professional liability insurance. If your revenue has stayed the same or decreased, it is a good time to look at reducing costs and losses, and contracting better offers.

If you are looking to renew your Louisiana business insurance with a trusted insurance agency, you are in safe hands with TSL Insurance Group. With a talented and dedicated team with over 50 years of experience, we are ready to find you the best business insurance in Lafayette, Baton Rouge, Abbeville, Franklin, or Lutcher. Fill out the form below to schedule a free consultation with one of our agents!