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Commercial Insurance Renewal Checklist and Timeline

Angus Rhodes


The commercial insurance renewal process can be a bit of a challenge, or even intimidating if you have not decided on a timeline for when you address certain reports and deliverables. Luckily, we’ve prepared a timeline-style checklist for you to ensure that your renewal process goes as smoothly as possible. Let’s get started.

Download our guide on "Optimizing the Renewal Process with Technology" here.

Create a Timeline

Four Months Prior

Begin four months before your desired expiration date. The first task involves gathering documents for review and ordering data.

  1. Gather all financial reports and data available, specifically a balance sheet and profit & loss statement.
  2. Gather copies of all insurance policies and correspondence from the last year.
  3. Order loss runs from every carrier.
  4. Order your workers’ compensation experience data rating sheet. 

Next Thirty Days:

  1. Review the financial statements and enter data for a risk management review on a spreadsheet: real property values and locations, income generated from those properties, gross revenues, inventories, supply chain data, any financial data that points to a risk of business.
  2. Review operations and write or update standard operating procedures – how your operation flows. Look for any safety concerns and address those issues. Prepare for an insurance inspection. Create a narrative description of your operations.
  3. Review new concepts and coverage. Do any apply to your operation? Environmental? Directors and Officers? Employment Practices Liability? Professional liability?
  4. Follow up on loss runs and experience rating data. Upon arrival, check your loss records against those of the carriers or workers’ compensation service organization. Create a loss spreadsheet with paid and reserved amounts. Keep this spreadsheet as a five-year running total.

If you are unhappy with your current broker or agent, interview several new ones. Ask about service standards and the carriers that are represented. Invite a direct writer in too, just to cover your bases. Reduce the list to three brokers or direct writers at the most.

Three Months Prior

Consolidate these data sets and narratives into one renewal package. The package should lead with the narrative, move into current coverage, five-year losses, narrative about responding, in safety measures or training, to loss data, optional coverage of interest, estimated exposures (financial data) for the next year, and optional self-retention and deductible levels.

Offer the renewal package to your incumbent or your chosen competitors.

Next Sixty Days

Arrange inspections, answer questions, and follow up with bidders, whether is related to their progress or new information. Make notes and compare inspectors, decide which is a good fit for your company.

Receive responses to your renewal at least 30 days prior to renewal.

Last Month Leading to Renewal

Assure your choice of broker, agent or direct writer proposal covers all the points in your desired package. Iron out any discrepancies.

Award the renewal fifteen days ahead of your selected dates to allow policy issuance, certificates of insurance issuance, mortgagee notice, or any other notices you are required to make. The key to a smooth and profitable renewal is maintaining discipline in schedule and information.

And there you have it, your own timeline and checklist for when specific tasks should be related during the commercial insurance renewal process. For more information to assist you with your renewal, get your very own guide to optimizing the commercial insurance renewal process.

Download the Definitive Guide to Commercial Insurance Renewal

Mar 28, 2015

 | Originally posted on 

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