Your renewal is coming. Start with what changed.

The renewal date is easy to find. The time needed to prepare is less uniform. A stable operation and a company adding products, locations, or major customer agreements may need different conversations.

Agree on the work before choosing the calendar.

Ask whether you are reviewing the existing program, seeking alternatives, adding coverage, or addressing a particular contract. Tell your broker which decisions must be made before renewal and who will participate. Avoid treating a standard number of days as a guarantee of placement timing.

Make a one-page change summary.

Describe the business you operate today and the changes planned for the next policy period. Include products and services, sales territories, customer commitments, locations, inventory, equipment, and workforce changes where relevant.

Separate confirmed changes from proposals. A clear status and expected date are more useful than treating every growth idea as an existing operation.

Give each information request an owner.

Finance may have revenue and payroll records. Operations may know peak stock values and locations. Product or technology teams may need to explain new activities. Decide who will confirm each item, and agree how confidential documents will be shared.

For policies subject to premium audit, keep the underlying records organized. Travelers’ audit guidance describes reviewing records and operational information as part of that process. A premium audit and renewal underwriting are separate processes; ask what each requires.

Compare proposals against the same business description.

• Are the relevant entities, operations, products, and locations described?
• What changed in limits, deductibles, retentions, exclusions, or endorsements?
• How do defense expenses and any sublimits affect the comparison?
• Which questions are still unresolved?
• When does the insurer need a decision, payment, or further information?

Leave room for the decision itself.

A proposal arriving is not the same as everyone understanding it. Set time for questions and record the decisions made. Confirm the steps needed to bind coverage and obtain evidence; submitting an inquiry does not bind insurance.

If renewal is already close, share the date immediately and ask what can realistically be reviewed. A concise, accurate description of the situation is a better first move than waiting until every document is perfect.

Related guides

• Management liability
• Property & business interruption
• What to gather for an insurance review

Bring the next decision into your insurance review.

Renewal approaching? Share the date and the biggest business changes you want Cory to consider.

Request an insurance review

General educational information. Examples are illustrative. Coverage depends on the facts, applicable policy terms, underwriting, and applicable law. Submitting an inquiry does not bind, amend, or cancel coverage.

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