Renewing your commercial insurance policy is a valuable opportunity to ensure you’re getting the right coverage at the best price. With the right approach, you can save on premiums, improve coverage, and build a strong relationship with your carrier. Here are our top tips to make the most out of your renewal process:
1. Share Detailed Information for the Best Pricing
The information you provide is essential to getting accurate and favorable pricing. Invest time in gathering detailed, up-to-date data about your business operations, any new assets, and any safety improvements or risk management measures you’ve implemented. This detailed information helps your insurance agency present your business accurately to the underwriter, which can directly impact your renewal pricing. The more we have to work with, the better we can negotiate on your behalf!
2. Consider Carrier Loyalty
While switching carriers can sometimes seem like a way to save on costs, carrier loyalty can bring long-term benefits. Many insurance carriers recognize and reward loyal clients by offering more favorable rates and flexible renewal terms. Staying with the same carrier demonstrates stability and allows them to better understand your business, often resulting in better options and improved coverage. Frequent switching for minor savings can lead to limited options down the road, as carriers may view this as a risk indicator. A long-term partnership approach often leads to better protection and trust.
3. Don’t Forget to Negotiate
Your renewal rate is not set in stone. Work with your agent to negotiate the terms of your renewal, as there is often room to adjust pricing or coverage. By reviewing quotes from other carriers, discussing improvements you’ve made, and sharing any relevant financial or operational updates, you can create a stronger position to negotiate. With the right approach, your agent can often find ways to enhance your coverage while keeping costs manageable.
A Partner in the Renewal Process
Renewal time is a strategic moment for your business and a chance to build a solid foundation for the year ahead. As your independent commercial insurance agency, we’re here to help you gather the right information, evaluate your options, and work with your carriers for the best possible outcome.
With these tips in mind, you can approach your next renewal with confidence, knowing you’re in a strong position for success.
Jacob Haralson
Chairman of the Board
601-944-0961
Jacob Haralson is Vice President and Shareholder at Ross & Yerger and is the Oil & Gas Team Lead. Haralson specializes in Oil & Gas Services & Food Processing.