Commercial Renewal Checklist
By Brad Shrum
We at MAX Insurance Agency, Inc. like to review home insurance policies with clients on an annual basis to make sure they have the proper coverage at renewal. However, did you know annual reviews are just as vital for our commercial insurance clients?
Our team will complete a five-step review of the commercial insurance policy to ensure we have the best carrier pricing for all exposures.
Here are the five critical issues to consider when reviewing your commercial insurance renewal:
First and foremost are the property limits and values for both the building and the contents amounts accurate? If a building evaluation was completed recently and we have inflation guards in place, then the upcoming renewal limits should be sufficient.
Has the insured added property through the year at a different location that needs to be insured, or are there any projects such as a new addition or a new building planned that would require a builders’ risk policy being put into force?
Is there new coverage available within the renewal company’s policy that can and should be offered? An example of this would be the emergence of cyber liability exposures and employment practices exposures. Both coverages are now available under the package policies to offer from our carriers.
Has the operation changed or expanded from a general liability standpoint that would require additional underwriting concerns or perhaps additional classes added? An example of this would be a general automotive repair shop that makes a decision to open next door a full body shop. This will take an additional class code but also send the general liability exposures overall in a different underwriting mode. In this respect has sales or payroll increased that should be updated to avoid a large additional premium audit at the end of the year? And we also want to get the proper renewal pricing in regards to the exposures.
Lastly, of utmost importance, is the current carrier the best we have to offer for this specific insured? While it is not a feasible exercise on all renewals, there are times that other carriers may need to be considered for pricing reasons. However, most importantly, for coverage available that the current carrier cannot or will not provide coverage for. An example of this is the amount of professional consultants and technology accounts that are becoming available for quoting. There is now professional liability and E & O coverage available on the package that some carriers offer, and some do not.
Our agency strives to consistently look at these five areas of the commercial renewal checklist to help service our clients and meet their insurance needs going forward. Is your commercial insurance policy up for renewal soon? We would love to help you with your commercial insurance needs. Contact us at 800-832-4689 or complete our Check Coverage Form.
Brad Shrum, CPCU
Brad has worked at MAX for the past 19 plus years and has over 35 years of experience in the insurance industry doing underwriting, field management work, and sales. Outside of the office, Brad is an ordained Southern Baptist Deacon and a Sunday School teacher of 35 years, and a trained, appointed BGEA Chaplain on call when necessary. In addition, Brad is a long-time Vacation Bible School teacher and has an ongoing 20+ year Nursing Home Ministry. Since he was a young teenager, Brad has been an avid goose hunter, traveling across North America while pursuing this noble bird and enjoying the outdoor world.