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Renewals: How to Find Savings and Missing Coverage

 If your business has changed over the past year, you run the risk of potentially overpaying for coverage or leaving your business underinsured.

During the business insurance renewal process, business owners have the opportunity to work with their insurance agents to determine if their insurance policies are still providing the coverage they need at the best available price. 

Watch the video below as Peter Katkov, the founder of Apex Risk and Insurance Services, explains the Apex Proven Process: a method of analyzing your business to determine exactly what your insurance is (and isn’t) protecting. We want you to understand your insurance and use it as a tool. 

Read on to learn more about the commercial insurance renewal process and how you can save while still finding the coverage you need.

What is an Insurance Renewal Process?

Insurance renewals occur at the end of the term of your policy. At this point, you can determine if you would like to renew the same policy with the same insurance carrier or if you would prefer to adjust your policy and/or carrier or negotiate terms.

What Insurance Exclusions Should I Look Out For During the Insurance Renewal Process?

Exclusions limit coverage. The three major types of Exclusions are:

  • Excluded perils or causes of loss
  • Excluded losses
  • Excluded property

Let’s take a look at some of the most common exclusions for commercial insurance.

Common Exclusions in General Liability Insurance

The following exclusions are common in most General Commercial Liability insurance policies.

  • Expected or Intended Damage
  • Contractual Liability
  • Liquor Liability
  • Workers’ Compensation
  • Employer’s Liability
  • Pollution
  • Aircraft, Auto, and Watercraft
  • Mobile Equipment
  • Damage to Your Product
  • Damage to Your Work
  • Damage to Impaired Property or Property Not Physically Injured
  • Recall of Products, Work, or Impaired Property
  • Personal and Advertising Injury
  • Electronic Data
  • Distribution of Material in Violation of Statutes
  • Damage to Property

How To Save Money During Your Commercial Insurance Renewal

Compare Your Coverage and Risks

The commercial insurance renewal process provides an opportunity to review your policy and determine where you could use more coverage and where you have coverage that you don’t necessarily need. 

You can scan your policy for savings by ensuring that you’re not ensuring yourself for risks you don’t face. 

For instance, if you don’t have employees, you don’t need employment practices liability coverage.

Ask About Loss-prevention Programs

Speak with your insurance provider about ways to reduce risk in your business. For example, this can include taking measures to prevent a cybersecurity attack, implementing a workplace safety program or instituting disaster preparations. These practices can reduce the risk of a claim and therefore, may result in a price break.

Be Proactive

Being proactive is another great method of saving money on business insurance. This means business owners taking measures to prevent accidents and reduce insurance costs.

Check out our Comprehensive Commercial Insurance Renewal Checklist, here.

How to Know If You’re Missing Coverage When Renewing Your Commercial Insurance

To properly prepare for your insurance renewal, ask yourself the following questions:

  • Has your business moved to a new location?
  • Has your number of employees changed? 
  • Are you offering any new goods or services?
  • Does your business have cyber security coverage?
  • Have you purchased new equipment?
  • Have you purchased new vehicles?

The answers to these questions can reveal if you have any gaps in your coverage. 

How Do We Save Our Clients Money and Find Missing Coverage? Let Us Introduce You to the Apex Proven Process 

At Apex Risk & Insurance Services, we use the Apex Proven Process to learn about your business, strategize to assemble the right program for you, and use our deep industry and market knowledge to leverage the best pricing and coverage. 

This leaves small business owners with more time to do what they do best: Run their business knowing that their company and employees are protected.

We take the time to understand the full operations of your business. We use this information to do a deep dive into the insurance program, asking questions including:

  • What coverage do you have?
  • What are the limits?
  • How much does it cost?

We utilize these comparisons to find where improvements can be made in your program.

First, We Analyze

We conduct an analysis of your business operations and your risk exposure. We then compare these figures to the current insurance policy you have in place. 

Then, We Report

We produce a report that summarizes the difference between your existing coverage and existing operations. This allows us to design a path to fix any issues and fill in any gaps in coverage.

We Take on the Heavy Lifting

We understand that switching insurance plans is a big commitment. That’s why we do our analysis and research, and build a plan before doing the work for our client on the backend.

Learn more about the Apex Proven Process and why we do what we do, here. 

Where Can I Find Commercial General Liability Insurance in San Diego?

Apex was founded to fill the service and consultative gap left by agency consolidations in the insurance marketplace. These consolidations have left customers who are used to a boutique service approach with no personal connection to their team.

Apex brings the high-touch service proposition back to San Diego businesses and beyond.

Check out our commercial insurance policies, then, read on to learn what makes us different.