By Casey Myers

The period before your policy renewal is the perfect time to assess your business, changes to inventory and the best ways to protect yourself in case you must file a claim. This is also a good time to consider changing policies or insurance providers if the level of service or coverage isn’t meeting your needs.

How to Prepare for Your Policy Renewal

It may seem like a daunting task but preparing for your renewal is a great time to think about the successes and challenges your organization has faced in the past year. Here’s how to get started:

• Start the process 90-120 days prior to your renewal date
• Assess your risks
• Talk to insurance professionals
• Compare rates
• Evaluate insurers, policies and services

Assess Your Risks

Start by evaluating your business risks. For example, have you started doing commercial or military moves or become a hauling agent?

What have you purchased in the past year? A new property, additional warehouse space? Think about items in inventory like boxes, moving pads, etc. Did you buy new equipment such as lift trucks, a new forklift, power units or vans?

Have there been staffing changes, like van operators becoming independent contractors? Have you created or eliminated positions?

All of these are factors you should consider while reviewing your policies. Insuring equipment, employees or functions your business no longer performs may cost you additional money. On the other hand, if there are new lines of business, equipment and/or services you’re providing or plan to provide in the coming year your risk evaluation should include these considerations.

Evaluate Insurers, Policies and Services

Consumers are encouraged to get three quotes when they’re looking for a moving company. You should also get three quotes from reputable companies that offer similar coverage so you can easily compare prices. As is the case for HHG moves, price shouldn’t be your only consideration. Do your research, ask for references from trusted colleagues and make sure the insurer is reputable and in good financial condition. A reputable broker will also provide references.

In addition, ask if the company manages claims in-house or outsources them. Look at all the policies and see if there are exclusions that other insurers don’t have.

Lastly, assess their level of service and whether it meets your needs. Do they have a dedicated moving and storage team, for example? Are they well-versed in the ins and outs of your business? Do you feel confident that your questions will be answered in a timely manner? What about claims resolution? Are they offering customized service or a one-size-fits-all approach? If it’s important to you, it should be important to your insurer.

Ways to Lower Your Premiums

Like a lot of things these days, insurance costs are rising. The good news is that there are ways you can lower your premiums, including selecting a higher deductible and setting up a risk management / loss reduction program. Insurers offer lower rates for companies that have programs in place to minimize a company’s losses.

If you’re considering making a change to your insurance company, please know that Champion Risk & Insurance Services is proud to be the only insurance brokerage in the nation with an in-house loss control program dedicated to the moving and storage industry. We will work with you to create a risk management / loss reduction program tailored to your business.

Conclusion

Evaluating your business risks, determining your insurance needs and weighing options can be a complex process but reviewing your policy is an important part of your annual business health assessment. Compare prices, features and quality to make sure the coverage is right for you. Working with an experienced moving and storage insurance broker is the best way to provide your organization valuable peace of mind and the best options for your specific situation.