Insurance renewal periods can be stressful for the average policy holder. But for business owners, they can be twice as bad. You need to have everything prepared and accounted for, because it is not just for yourself. If you forget to fill out the right paperwork or miss a deadline, your employees and their families will be left without healthcare. This is simply unacceptable, as you could imagine. To make sure you have everything prepared ahead of time for a swift, seamless insurance renewal, complete this checklist below and have your corporate seal at the ready.
When To Renew
When do you need to renew your insurance policy? The answer to this question will vary for each and every individual. Usually, you will have to renew insurance policies on the anniversary of the date you initially signed up. Typically, your insurance company will send you notice of your need to renew anywhere from 45 to 90 days before your expected renewal date. If you have not received notice from your insurance company, do not be afraid to reach out to them. You can never be too safe. You want to be sure that you renew in time.
Review Your Policy
You should also take this time to review your existing healthcare policy. Were you happy with your insurance policy over the last year? Were your employees? If not, what changes do you feel are necessary? The insurance renewal period offers the perfect opportunity to look into other policy options, if necessary. Make sure to review your existing policy to be certain that you want to keep the same one for the next year.
Inquire About Price Changes
Insurance policy prices change almost every year, which is part of the reason everyone is always looking for cheaper car insurance. Do not be surprised if you get notice of price increases when your get info about your policy renewal. But, you also should not hesitate to inquire about these changes. There could be several reasons for your price increases. If your business has grown or moved locations, these could be cause for insurance policy price increases. But, you will not know unless you ask. Make sure that any and all price changes are explained to you. This way, you know you are still getting the best coverage with the best value.
Update Your Info
Take the insurance policy renewal period to ensure your business information on file is accurate and up-to-date. If you have changed locations, be sure to update the insurance company with your new business address. Or, if you have more employees on staff or any other changes to business operations, be sure to update on this information as well. Anything that has changed over the last year should be reported to your insurance company. Otherwise, your policy renewal price estimate may be inaccurate. Make sure to take the time with your insurance company to verify and update all information associated with your business.
Make A Payment
If you are ready to renew your insurance policy, all you have to do is make a payment. This is the easiest, and best, way to renew insurance each year. As long as you have done your due diligence mentioned above, you can go right ahead and renew online, mail in your payment or make a payment over the phone using one of the company’s toll free numbers. This way, you can guarantee that you and your employees will be covered for the next year without any lapse in coverage.
If you are a business owner, renewing insurance policies carries added importance. These insurance policies are not just for you and your family, but also for your employees and their loved ones as well. Make sure you follow the steps above to prepare for your insurance renewal period. The last thing you want is for your employees to experience a lapse in healthcare coverage just because you forgot to get things done on time. Use this post to help you prepare to renew your insurance policy before the policy renewal window closes.