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Policy Renewal Tips

Renewing insurance policies can be a daunting task for many. From finding the right coverage,to dealing with paper, it can  be a lengthy process. Luckily, you’ve chosen an insurance carrier that you are 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. 

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.

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