Policy Renewal Tips

Did you know that policy renewals is where the real money is?

Underwriter Insider Tips

Hot tips to ensure you succeed as a broker.

Policy Renewal Tips

Renewing insurance policies can be a daunting task for many. From finding the right coverage to dealing with paperwork, it can be a lengthy process. Luckily, you’ve chosen an insurance carrier that you’re happy with and are ready to renew. Here are three steps to help prepare you for an easy renewal submission process.

Gather required documents

Before submitting the required paperwork for your policy renewal, it is important to ensure you have all the correct information.

 

A tip from the underwriting team is to create a checklist of all the paperwork needed. Basic information required:

  • Physical address for all locations with employees
  • Updated annual payroll by class code and state
  • Five years of loss runs reports and any other supplemental information. 

Create your submission

When drafting your renewal application it is important to be as detailed as possible. Include a detailed description of the insured’s operations, including any changes made in the last policy period. 

 

Thoroughly define the insured’s safety and loss prevention efforts along with any claims and action taken to mitigate future losses. 

Greenwood General Insurance Agency is staffed with seasoned Underwriters  ready to assist you in your risk submission to ensure all the necessary information is provided. The Underwriters at Greenwood specialize in providing our brokers with everything they need to ensure their success.

Set time for preparation

There are several tools out there to help prepare brokers/agents with analyzing and sorting all the data they receive from the insured. 

 

You can utilize risk management tools and loss control services from your carrier which will make it easier to analyze new data and changes to the company.

Here at Greenwood, we focus on fast communication and easy applications, which is what makes our brokers so successful. Get started by booking a free demo with our best Underwriter.

Greenwood General Insurance Agency

Exclusive General Liability programs specifically designed for contractors and artisans

  • Multiple “A” Rated Carriers ; Non-Admitted
  • 50+ Classifications including General Contractors
  • Online or Self Rater (2 minute process
  • $500 Minimum Premium on Most Classes
  • No Prior and New Venture OK
  • Flexible Underwriting
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