Business Insurance Renewal: 5 Things to Consider

At IBC, we stand firm in fully understanding your business needs. It’s why we love what we do. And that is even more true at insurance renewal time. It’s easy for business owners to simply go through the motions of a renewal without really looking at what has changed in the past year on their insurance policy. But if we have learned anything in 2020, it’s that change is inevitable. There is no better time to take a step back and review the details of your insurance policy to ensure you, your staff and your business are protected during an ever-changing time.

We know this process doesn’t just happen overnight. We know it can be time consuming, but not only can IBC find ways to protect you in times of uncertainty, there may also be opportunities to save your business some cash.

The needs of any business will, of course, vary according to their size, industry, location, and operations, but let’s unpack the 5 things to consider at your next insurance renewal:

Does the provider offer flexible benefits?

Even if your plan was spot on for your business before, does not mean it’s the best fit for your business now. At IBC we work with you to understand any changes that may have taken place over the past year. Changes like cost containment, employee needs changing due to demographics, change of staff, new office location, closing location(s) and other factors.

Does your business offer new products/services?

Again, 2020 has been full of a lot of change for a lot of businesses. If your business is planning to, or has recently introduced new products/services, we recommend securing a professional liability insurance policy or review your current plan with an IBC team member. It never hurts to review your current policy to ensure you are fully protected as you share new products/services in your business. This can be an exciting time of innovation for your business’s future, don’t let a lack of coverage get you.

Have you moved/opened in a new location?

If you have recently moved or added another location, it’s a good idea to have your coverage reviewed. Operating or expanding in a new location may mean adjustments. Your property insurance, for example, may need to be updated to cover your new location(s), as well as any additional equipment that is needed for that location.

Has there been a change in the makeup of your staff?

If your business experienced a change in staffing this year, you may want to review your plan to ensure it’s in line with where you are at now and where you are going. Coverage such as worker’s compensation insurance, which covers losses resulting from illness/accidents arising during the course of your staff’s employment (e.g. loss of salary) or unemployment are just a few to review as you prepare for the next 12 months of your business.

Has the nature of your business changed?

Let’s be honest, COVID has caused a lot of businesses to change how they do business now just to keep their doors open. And while this resiliency is commendable, it can change how your business needs to be covered from an insurance standpoint, especially if you are planning to continue these services post COVID. During this time lots of businesses have leaned on a virtual or digital space to share products and services. This leaves them more vulnerable to cyber crime-related risks. When reviewing your insurance, it’s important to conduct a proper risk assessment to determine whether your current policies cover new risks that may threaten your business’ operations. 

Renewing your insurance plan can be a tricky task but ensuring you’re with a proactive provider and insurance broker can go a long way in making the process much, much easier. Contact an IBC team member at 712-277-2424 to review your current coverage and see if it’s truly protecting you, your staff and your business. We are here to offer solutions and to ensure you are always taken care of.

That’s because we love what we do. IBC. More than insurance.