You must be wondering, ‘what do I need to consider while I’m renewing my insurance?’, and it’s understandable. It seems like a straightforward process of just paying for the existing plan. But that’s not the case. A lot of things must have changed since the last time you paid for it a year ago. So let’s learn about all the factors you need to consider before renewing your insurance policy.
Over the year, your need for a certain coverage may have been diminished or you may require another optional coverage. Assuming that you’re in the first year of running your business, by now you must have understood what your insurance policy may or may not need. This is the time to make those changes. Consider all the obstacles you have faced over the past 12 months and modify your options accordingly. You can even reach out to your insurance provider or our agents to get guidance for the same.
Changed of personal details? Increase in employees? New equipment? Now is your time to make all these changes to your insurance policy. This also includes modifications to insurance premiums based on the changes you’ve made. Once you make these changes, the fresh insurance document you get will include all these details and reduce the complications while you’re making claims against them in the future.
Change In Policy Price
Depending on how you have managed your business and your frequency of claims; if any, you should prepare for a hike or dip in your policy rates. If you have made one too many claims over the course of the year, your insurance is bound to get more expensive. On the other hand, if you haven’t made any claims then you might also be eligible for no-claim bonuses. Just get in touch with the insurance company or with us to get a clear picture of how the rates of your insurance and premiums may get affected and what you should expect.
Changing Insurance Provider
If you haven’t had a pleasant experience with your current insurance provider or if you think that some other insurance company provides better benefits then here’s your chance to make the change happen. As your policy is about to lapse, you can search for better plans or contact one of our agents to provide you with options that are more suitable to your needs. This is also applicable to making changes from the kind of insurance policy you currently hold to another type of policy that is available with the same insurance provider.
Take all these factors into consideration before you decide how you would like to proceed with an insurance renewal. You always have the option to get in touch with one of our agents on 855-5EXCEED or visit our website at www.exceedinsurance.com for better guidance. Remember, we are always here to help you choose the best options that are tailored to your needs!