Are you asking the right questions at renewal?

As an insurance agent, you understand the importance of providing your clients with accurate coverage that protects their businesses, not just from the start of a new venture but with every year’s renewal. 

While it is great to take advantage of automatic renewals, you also want to ensure your clients maintain accurate coverage. Below are a few essential questions you can ask your clients to ensure no changes have been made to their business that could affect their policy. These questions will help you gather necessary information to address potential gaps in their policy. 

1. Have there been any changes in your business operations since the last renewal? Understanding any changes in the business, such as expansions, new ventures, or changes in operations, helps ensure that the policy adequately covers the evolving needs.
2. Have you experienced any significant losses or multiple claims during the previous policy period? This helps assess the business's risk profile and determine if any adjustments or additional coverage is necessary. 
3. Are there any new assets, equipment, or property that need to be added or scheduled? Identifying any new assets or property acquisitions ensures that they are adequately protected under the policy.
4. Have there been any changes in the number of employees or payroll? This helps determine if there are any adjustments needed in workers' compensation coverage or liability coverage based on changes in the workforce. 
5. Are there any new regulations, new risks or compliance requirements that affect your industry? There may be additional policies, such as cyber, that are beneficial to your client’s business. 
6. Have you implemented any new safety measures? Getting details on newly added safety practices, including installing alarms and cameras or improving potential foundation or structures issues, allows you to provide guidance on potential premium reductions or adjustments. 
7. Are there any upcoming projects or plans that may impact your insurance needs?  Identifying future projects, expansion plans or anticipated inventory purchases helps anticipate possible changes in coverage requirements and ensures the policy remains aligned with the business's goals.

Remember, these questions serve as just a starting point, and additional inquiries may be necessary based on the specific needs and circumstances of your client.