Consider Your Insurance Renewal Dates Carefully

This is commercial insurance advice…

The most popular renewal date for business insurance programs is January 1. The first of July is also popular. The “quarter changes” of April and October first are also busy times for insurance companies. You don’t want your insurance to renew anywhere near these dates. Underwriters and agents are scurrying around, trying to renew three or four times their normal workload. Unless you are spending $1,000,000 a year on your insurance, you won’t get the attention you deserve. If you currently have one of the above policy dates, consider changing it to a date like February 17. Think about your cash flow. Select a month for renewal when you have money in the bank and time to spend with an agent.

One exception… rarely do I recommend changing policy dates on workers’ compensation policies. The experience modification calculation does not respond well to changing policy periods.