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Written by Kayla Jane Barrie Updated on Feb 24, 2025 4 mins read

⊸ Blog⊸ A Guide For Business Insurance Renewal

How To Renew Your Business Insurance Policy

Renewing your business insurance policy is essential for protecting your company as it evolves. It needs to be periodically updated to ensure adequate coverage, and you’re taking advantage of competitive pricing. This allows you to reflect changes in your business, such as new products, services, or locations.

In this blog, you’ll learn how to renew your business's coverage, what to expect during the process, and why it may not be renewed.

Three main takeaways about renewing a business policy

  • Business policies do not always automatically renew, so it’s important to contact your provider to ensure your coverage needs are being met.
  • Renewal time is a great opportunity to identify new discounts.
  • Always ensure your policy is aligned with industry standards—we can help you adjust your coverage accordingly during renewal time.

How do I renew a business insurance policy?

Your business policy, whether for property or commercial auto insurance, will be renewed at the end of its term. Your provider will review your policies and adjust your coverage and premium during this time. Your premium may increase or decrease based on various factors. Sometimes, your insurer may choose not to renew your policy, but this will only happen under specific circumstances.

Here are some key considerations during the renewal process:

  • Limits: Ensure your coverage limits are sufficient to protect your business assets and liabilities and meet industry regulations.
  • Exclusions: Carefully review any exclusions in your policy to avoid surprises when filing a claim.
  • Premiums: Find a policy that fits your budget without sacrificing essential coverage, which can save your business money in the long run.
  • Risk mitigation: Effective risk management can reduce your costs.

Business insurance renewal checklist

Ready to renew your business policy? Here’s a checklist to guide you:

  1. Schedule a policy review with your commercial insurance broker to discuss changes in your business operations, assets, and risks and address any business insurance claims.
  2. Update your insurance policy. Inform your provider and provide them with accurate business information, including revenue, employee count, and new locations.
  3. Evaluate the value of your business assets and adjust coverage limits to avoid being underinsured.
  4. Review liability coverage limits to ensure they align with potential risks your business may face.
  5. Assess business interruption coverage to ensure it adequately supports your business during extended downtime.
  6. Review and enhance your cybersecurity insurance to address the latest cyber risks and provisions for data breach response and recovery.
  7. Verify that your insurance policies align with regulatory changes in your industry.
  8. Collaborate with your provider to explore and implement effective risk management strategies.
  9. Leverage your providers expertise to assess current market conditions and consider alternative options for better coverage or pricing.
  10. Develop a communication plan to address changes or emerging risks promptly.

Do commercial insurance policies automatically renew?

While some policies may automatically renew, most insurance policies do not. When renewing your business insurance, it's important to collaborate proactively with your agent to provide any necessary business updates and complete renewal applications.

Automatic policy renewals are not very common with business insurance. While a few insurance companies may offer automatic business insurance renewal, most do not. Therefore, the business owner is responsible for taking an active role during renewal.

What to do before you renew your business policy

To take advantage of the renewal period, you must talk to your insurance company about any new risks, services, or operations you're considering. For instance, if you're considering adding a new product or location, the renewal period is the ideal time to have that conversation with your provider.

Here are some things to consider before you renew:

  • Review your current policy: Begin by reviewing your current policy. Understand your coverages, such as general liability, business property insurance, workers’ compensation, and any industry-specific coverages. Take note of the coverage limits, deductibles, and any exclusions.
  • Evaluate changes: Take stock of changes in your business operations from the past year. Have you hired more employees, relocated, or introduced new services? Each of these changes may impact your insurance requirements. Make sure that your policy accurately reflects your current business operations.
  • Review your claims history: Review any insurance claims you've made in the past year. If you've made frequent claims, it could mean that you need more coverage or improve your risk management practices. On the other hand, if you have yet to make any claims, you might be eligible for discounts or better rates.
  • Compare your options: Don’t renew with your current provider without matching quotes from multiple insurers to get the best value for your money.
  • Consult with the experts: Providers can offer valuable insights into the best insurance policies for your business. They can help you grasp complex insurance terms and conditions and aid in finding policies that are tailored to your specific needs.

How can you save money during business insurance renewal?

If you’re looking to lower costs around your policy, here are some tips:

  • Compare quotes for business insurance.
  • Consider raising your deductible.
  • It's important to avoid making claims for small losses to maintain a clean claims record.
  • Enhance workplace safety to reduce your risks.

To learn more about how you can do so, or if you have any questions about your business insurance renewal that still need to be answered, our commercial insurance brokers will be happy to help.

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What are the reasons business insurance policies are not renewed?

Even though policies can auto-renew, there are times when your provider will not initiate renewal. Here are the reasons for possible non-renewal:

  • Missed payments: Failure to pay previous premiums, making late payments, or missing payments.
  • High claims rate: Having a track record of filing multiple claims, suggesting inadequate risk management.
  • Business risks: The insurer is no longer comfortable with the level of risk posed by your business.
  • Provider changing their focus: The insurer is exiting your area or industry or no longer offers the specific product you require.

Business insurance renewal FAQs

While business insurance renewals may vary in timing, the most common period is annually.

Please remember to always inform your insurance provider of any changes in your business that could impact your coverage. Depending on the type of changes, the insurance company may increase or decrease coverage. Some changes that can impact rates include:

  • Number of employees.
  • Changes to products or services.
  • Company relocation or new locations.
  • Expansion or renovation of operational areas.
  • Claims since the last renewal.
  • Major purchases impacting operations.

Your insurance provider will contact you about 30 to 60 days before your policy is up for renewal to gather updated information about your business. During this time, they will compare quotes from different insurance companies to ensure you have the best coverage at a competitive price. Don't hesitate to contact us if you need any assistance with your renewal.

Speak with a broker to ensure your business policy is up to date for renewal

When renewing small business insurance, carefully review your policy, assess business changes, and compare quotes for comprehensive, cost-effective coverage. Seek professional advice to keep your business protected and secure peace of mind.

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Kayla Jane Barrie

Digital Content Writer

Kayla-Jane has been a content writer with ThinkInsure since 2020. She creates insurance content for auto, home, and commercial. Kayla-Jane has a diploma in Journalism.

Categories Business
Tags Protect Your BusinessBusiness Coverage

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