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Navigating Your Insurance Policy Renewal: 3 Reasons You Shouldn’t Procrastinate

Navigating Your Insurance Policy Renewal: 3 Reasons You Shouldn’t Procrastinate

As a business owner, you deal with competing priorities on a daily basis. You have to carefully balance these priorities to help make sure your operation is a success. As a result, preparing for your insurance renewal isn’t always be a top priority.

That said, waiting too long to prioritize your insurance renewal is a mistake you don’t want to make. Without further ado, here are three reasons why.

  1. Insurance can provide critical protection during times you need it most. It can help protect you and your business from an unexpected situation that could otherwise be financial devastating.
  2. Your business changes over time and your policies need to adapt. As your needs evolve, so too do the risks you face. Automatic renewals run of the risk of being over or underinsured.
  3. The commercial insurance market has hardened. This means you’ll likely be facing reduced carrier capacity, higher premiums, and increased underwriting scrutiny.

Insurance Policy Renewal Planning

Insurance renewals are time consuming. However, you really only need one disaster to strike for you to be thankful you took the time to find the right coverage for your needs.

How far in advance should you plan?

Burnham WGB recommends you start planning at least four (4) months prior to your insurance policy renewal. During this four month time period, there’s a lot that will need to get done. But, we aren’t going to cover it all in this post. That’s because we already covered it in our PDF resource: Think You’re Prepared for Your Policy Renewal? Your 4-Month Renewal Checklist.

Inside this PDF, you’ll find key insurance renewal considerations for the four, three, two, and one-month mark. When you’re done…

Contact Burnham WGB’s Experienced Commercial Risk Management Team

You don’t have to plan alone. Our Commercial Risk Management Team is here to help you navigate the challenges and risks you face today and help protect the assets you’ve worked so hard to build. Contact us today to help make sure your next renewal is a success.