Archive for April, 2010

Each year I am sure the most exciting time for your business is your Business Insurance renewal! You enjoy reviewing your coverage with you agent, listen to his multiple reasons (excuses) why your premium went up or why a new driver is now excluded. Ok, so maybe you are not too excited about your business insurance renewal quotes but let’s give you 5 easy steps to make sure you not only have the best price but also the best coverage possible.

Step 1. Go Independent. For business insurance you will be best suited with an agent that works for an Independent Agency. You want an agent that can quote your business through multiple Insurance Companies to find the best fit for your particular business.

Step 2. Challenge your agent. Don’t be afraid to ask for the actual business insurance quotes from other companies to make sure that he didn’t just renew your policy with the same company because he didn’t want to take the time to re-quote through other companies.

Step 3. Shop around. This isn’t the most fun task but it can lead to you lowering your Business Insurance premium while also improving coverage. This is definitely a good idea if your agent can only access one Insurance Company but if you have an agent who is an Independent Agent that you really like just make sure he shops your Business Insurance quote through other companies they have contract with.

Step 4. Discuss your business operations with your agent. It’s amazing how often I discuss a business with the owner and discover exposures that are not covered or coverage they no longer need. Businesses can change quickly in todays world and you want to make sure you have a conversation with your agent at least every year if not more often. This will ensure that your agent has a good understanding of what you do and the correct coverage that you need.

Step 5. Review your payroll and revenue numbers on the Insurance renewal. I talk to businesses all the time that tell me that they get an audit bill every year but don’t have increased revenue or payroll. After reviewing the Business Insurance I quickly realize they are using revenue or payroll numbers from several years ago! What happens is when you have an audit your policy already renewed based on the same information from the previous year. When the audit gets processed it doesn’t automatically change the revenue and payroll numbers on your Insurance renewal unless your agent catches it and makes the change.

If you really dislike the Insurance Renewal process, give us a call. We make things as easy as possible for you and your business insurance program. We can be reached at (888) 581-0331.

Bryan Cranson is the owner of Cranson Insurance Agency in Northville, MI specializing in business insurance quotes, workers compensation insurance quotes, health insurance quotes, disability insurance quotes and life insurance quotes in Oakland County, Washtenaw County, Kent County, Cook County and Wayne County, plus the entire states of Michigan, Arizona, Kansas, California, Illinois, Indiana, New Jersey, Ohio, Oklahoma and Missouri.

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