5-minute read
Renewal season tends to sneak up on people. It shouldn’t. Your commercial insurance program is one of the few things standing between your business and a potentially catastrophic loss. Yet too often, business insurance renewals get rubber-stamped without much thought — especially if premiums didn’t jump or the business hasn’t changed much on paper.
But here’s the thing: Risks evolve. So do markets. So do claim trends. A business insurance renewal is a moment to pause, ask smart questions, and make sure your coverage still lines up with how your business actually operates today, not how it looked three years ago.
Here are 10 questions worth asking before you sign off on your next policy year.
1. What’s changed in our business this year?
Added a location? Picked up new equipment? Started delivering your own products instead of using a vendor? Those changes — even the ones that feel minor — can affect your exposure. And if they’re not reflected in your coverage, you could be looking at gaps.
2. Are we properly valuing our property and equipment?
Don’t rely on gut feel or spreadsheets from 2019. Building costs have shifted, and so have carrier appetites. An outdated valuation could leave you underinsured — or hit with coinsurance penalties in the event of a loss.
3. Have our liability limits kept pace with legal trends?
Jury awards keep climbing. “Nuclear verdicts” are no longer rare. You don’t want to find out after a lawsuit that your general liability or umbrella limits weren’t adequate. Now’s the time to re-evaluate, not after papers are served.
4. Are we carrying any exposure we’ve never discussed?
This is a big one. Cyber risk. EPLI. Professional liability. Crime. Even drones. If your business is evolving faster than your policy review conversations, you’re probably exposed in ways no one’s addressed yet.
5. Who’s driving for us — and are they insured properly?
You may not have a company vehicle, but that doesn’t mean you’re off the hook. If employees use their own cars for work — sales calls, bank runs, client deliveries — you may need non-owned auto coverage. And yes, food delivery and courier services are a whole other story.
6. Do we understand what happens after a claim?
Claims aren’t just about filing paperwork. They’re about managing timelines, documenting properly, and sometimes even negotiating with adjusters. Ask how your brokerage handles claims advocacy — not just placement.
7. Are we paying more because of old claims we could’ve closed?
Open claims — even small ones — can drive up your Experience Mod or leave unnecessary reserves sitting in your loss history. Now’s the time to review the open file list and ask what can be cleaned up.
8. Are we taking advantage of every available credit or dividend option?
Some programs offer safety credits, training incentives, or participation in captive or dividend-paying structures. If your broker isn’t raising these, you might be leaving money on the table.
9. What’s happening in the insurance market right now that could affect us?
You shouldn’t have to guess what’s coming down the road — your broker should be briefing you. Rising reinsurance costs, regulatory changes, shifting carrier appetites — these all play into your pricing, coverage availability, and strategy.
10. Are we getting proactive advice — or just a renewal packet?
A good renewal meeting isn’t about paperwork. It’s about strategy. Your broker should be helping you think through the next 12 months and beyond — not just checking boxes.
The Bottom Line
You don’t need to be an insurance expert to protect your business — but you do need to ask the right questions. A good broker will welcome those business insurance renewal conversations and come to the table prepared. A great one will bring these questions up before you even think to ask them.
Renewal is more than a deadline. It’s a chance to realign, correct course, and get proactive about protecting what you’ve built.
The Mahoney Group, based in Chandler, Ariz., is one of the largest independent insurance and employee benefits brokerages in the U.S. For more information, visit our website or call 877-440-3304.
This article is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.