Rise in premiums means renewal preparation is more important than ever
In the wake of an unprecedented year, Atlas Insurance Agency, Inc. (Atlas), Hawaii’s largest insurance agency established in 1929, expects 2021 to lead to premium increases for businesses
of all sizes due to the higher frequency of fire, flood, storm events, record-breaking claims settlements, and the COVID-19 pandemic.
Carol Davis, Executive Vice President of Sales at Atlas, offers three tips for preparing for your business’s insurance policy renewal.
1. Be prepared. Start a conversation with your agent up to four months in advance of your policy renewal date. This gives you and your agent time to plan and improve your policy renewal and gives you time to explain any losses and showcase plans for financial stability.
2. Ask questions. Do not be afraid to ask about policy changes and ask your agent to explain the details of your policy renewal.
3. Partner with an insurance agency who advocates for you. At Atlas, we start working on renewal preparation 150 days in advance of the renewal date and begin conversations with our clients and the insurance carriers 120 days before renewal, allowing us to prepare our entire team on renewal expectations and formulate a plan for the renewal.
Davis also stresses the importance of having a transparent relationship with your insurance agent, where trust and transparency is key. “Make sure your agent is knowledgeable about your business’s industry and that they are able to guide you in making informed decisions about your insurance program. This could be the difference between your business succeeding and failing.”