Commercial Insurance In 2021: Questions To Ask Before Renewing

​The year 2020 left numerous changes that small and large businesses have to deal with. This year, as the country faces the pandemics’ economic effects, business owners might need to review their commercial insurance. Here are some of the questions to ask before renewing your policies:

Did You Have A Sufficient Policy?
Insurance policies are there to help you in times of business crisis. You need to gauge if your existing policy still covers what you expect it to cover. You might want to consider updating your policy if your business went under these changes in the past year:

• Added products and services
• Hired more employees
• Increased revenue
• Faced a lawsuit or legal action
• Secured additional funding or loans
• Changed business location or opened a new office
• Installed upgrades in the office

Checking all these may take some time, so make sure to do these at least two months before your renewal. Updating your insurance based on these changes can help you get covered sufficiently. 

Did Your Agent Meet Your Needs?
Your agent meeting your needs as a client should not be too much to ask. They are the ones in charge of being updated on new regulations and standards that may impact your business. You should be able to rely on them to answer questions and provide knowledge specific to your line of business.

You may also want to assess agent’s behaviors that define their dedication and expertise to assist. Some things you can look out for are:

• Responsiveness
• Assessment of risks and vulnerabilities concerning your risk management plan
• Engagement in your market
  
  

Are You Ready For Renewal Application?
After answering the first two questions, you may want to know if you can go ahead with the renewal application. Still, there might be other events in the past year that may impact your current policy. These are other relevant questions you should ask:

• Have your business goals changed for 2021?
• Did you have to downsize because of the pandemic’s effects?
• Did you have to file claims last year?
• Have you organized all your financials?

Answering these questions can help you navigate through changes to your existing policies. 

Conclusion
With the changes brought by the pandemic, businesses are even more in need of reviewing their policies. Asking the right questions can help you prepare for the renewal application. 

At UG Insurance Brokerage Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (718) 848-7777. Get your free quote today by CLICKING HERE.