Begin with what changed in the business
A renewal is the offer of coverage for the next policy period. Last year’s application is a starting point, not necessarily an accurate picture of this year. Tell us about new services, employees, work states, vehicles, equipment and larger contracts.
For example, a remodeler who now performs structural work has changed more than annual revenue. A landscaping company adding tree removal has changed its operations. Those details need to reach the insurer before the new term is quoted.
Gather the documents and understand why they help
The declarations page summarizes your policy’s names, dates and limits. Endorsements are the documents that change its coverage. Send both, or the complete policy, so the comparison includes the restrictions behind the summary.
Loss runs are the insurer’s reports of prior claims. Updated payroll and revenue estimates help insurers price the coming year. Vehicle and equipment schedules are lists of the items insured and their values. Include a new customer’s insurance requirements if they will affect the coverage you need.
Compare one policy with another on the same basis
Use the same work description, payroll, revenue and requested limits for each quote. A deductible is an amount you pay toward a covered loss under the policy’s rules. Compare deductibles as well as premiums, since accepting more of a loss yourself can change the price.
Look for exclusions, which remove coverage for specified situations, and any new conditions you must meet. Ask for a plain explanation of each material difference. A quote that excludes a job you regularly perform may be less useful even if it costs less.
Resolve outstanding audit and contract questions
An audit checks actual payroll, revenue or other rating information for a past policy period. Ask whether an audit is still due or whether a balance remains. Changing insurers does not erase that obligation.
If a customer had problems accepting your certificates, bring the rejection or requested endorsement to the review. Renewal is a useful time to address a recurring issue, such as completed-operations additional-insured coverage for claims involving finished work.
Confirm the start date and keep the final documents
After choosing an option, complete the insurer’s requirements and obtain confirmation of the effective date. Coordinate the end of the old policy with the start of the new one. Check any license filings and certificates needed for ongoing jobs.
Save the final policy, endorsements and coverage confirmation. They may be needed well after the term ends if a claim or contract question concerns work from that period. You can start the renewal conversation with the documents you have and ask us which missing items are needed next.