Renewal workflow

An annual business insurance review that reflects reality

Renewal is a useful checkpoint, not a reason to copy last year's application. The goal is to surface changes early enough to compare structure, requirements, and service with a licensed professional.

Review the business first

New locations, leases, equipment, inventory, products, or services. Changes in revenue, payroll, headcount, job duties, or subcontractors. New contracts requiring certificates, limits, or endorsements. Vehicles, drivers, delivery routes, travel, or hired/non-owned auto use. New data, payment systems, vendors, remote access, or security controls. Claims, incidents, near misses, complaints, or changes in risk controls.

Review the policy, not only the premium

Compare the declarations, forms, endorsements, limits, deductibles, sublimits, exclusions, notice conditions, and policy triggers. Ask which changes are endorsements, which are exclusions, and whether defense costs reduce a limit. Keep a dated copy of the comparison so the decision is understandable later.

Questions worth asking

What changed in the insurer's view of the risk, and what information supports that change?
Are there new exclusions or conditions that affect the business's actual operations?
Does the current policy satisfy every active contract?
What is the process for reporting a circumstance before it becomes a claim?
Which operational change should trigger a midterm call instead of waiting for renewal?

Keep the process honest

The SBA recommends assessing risks, working with a reputable licensed agent, shopping around, and reassessing as the business grows. Use this page to prepare; do not treat it as an individualized recommendation.

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