Your business insurance renewal guide

Business risks constantly change—is your insurance keeping up? As your business evolves, your business insurance policy should as well. A change in operations, building new structures, or adding vehicles or equipment should prompt a call to your insurance carrier as those changes occur. If there are no major changes, we recommend reviewing your policy at least annually.

As a business owner, you never want to wonder "Am I covered?" in the aftermath of a loss.

Prepare for policy renewal

Even if renewal is still a few months away, you and your insurer can both benefit by starting the conversation early—at least 60-90 days before your renewal date. This gives your insurer time to review any changes to your risk portfolio, and allows you to financially plan for any rate changes.

Factors to consider before policy renewal

Assessing the industry landscape and your business performance over the past year can help you determine whether you need to modify your policy. Several factors can play a role, including:

• External factors like environmental, economic, and legal circumstances
• Internal factors like technology upgrades, staffing, and physical resources

To help you prepare for your conversations with your insurer, review this business insurance renewal checklist:

Business insurance renewal checklist

If you’ve made any changes to your business in the past year, it’s important to think about how that could affect your current insurance coverages.

For example, did you:

• Add or reduce employees? Your employee count can impact certain coverages, such as workers’ compensation.
• Change your form of business or business structure? New owners, officers, members, or even doing-business-as (DBA) names can require updates to more than one policy.
• Compile gross annual sales/receipts and payrolls?  This information can help you select accurate, workable premiums for multiple policies.
• Move your business to a new location? Your facility’s safety features, location, size, and other characteristics can affect the types and amounts of coverages you need.
• Buy new equipment, such as machinery? Buying new equipment and/or replacing old pieces can have an impact on your policy limits.
• Change the services you provide? Perhaps you added delivery services. If so, consider adding commercial auto coverage to your policy.
• Enter into any new contracts? Subcontractors, leases, rental agreements, and other contracts may have specific requirements that result in necessary changes to your coverage.
• Add or improve your business technology? As the horticultural industry increasingly moves to digital platforms, cyber liability insurance becomes increasingly necessary.
• Change your service area or use of vehicles? How much you travel—and how you use your company vehicles—will impact your rates.
• Think about future business plans? Renewal time is the perfect opportunity to talk with your agent about how possible future business plans could impact your insurance policy.

Optional coverage for today’s horticultural industry risks

As you look over your entire business insurance policy, consider whether your business could benefit from these optional business insurance coverages:

Cybersecurity and cyber liability

Your business is likely becoming more reliant on digital transactions and communications. As cybercrimes like cybersecurity breaches become more common and complex, reassess what cyber liability coverage you have in place—as well as cybersecurity plans and processes—to protect your business continuity.

Commercial vehicles and drivers

Between continued changes to delivery routes and updating vehicle technology, your business could benefit from commercial auto insurance and driver safety best practices. Stay proactive by thoroughly vetting drivers before hiring and implementing strict driving policies—but also consider increasing vehicle coverage when it’s time to renew.

Employment practices liability insurance (EPLI)

Employment practices liability insurance (EPLI) is crucial for any business, regardless of size. It provides coverage for defense costs and damages related to various employment-related claims including allegations of wrongful termination, discrimination, workplace harassment, and retaliation. Educate your managers and supervisors on smart hiring strategies to help reduce risk exposures that can contribute to discrimination claims.

The benefits of niche insurance providers

Experiencing an uninsured loss could potentially limit production or shut down your operations. Working with an insurance provider who knows the risk exposures horticultural businesses like yours face—and can underwrite programs that address your specific exposures and liabilities—can be a significant benefit to your bottom line.

Hortica^® is a brand of the Sentry Insurance Group. Founded in 1887, we recently celebrated 135 years in business. Our agents are dedicated solely to supporting and protecting horticultural businesses. You can be confident we’ll listen to you and provide customized, cost-effective insurance solutions.

Learn more about why our specialized insurance makes the most sense for your horticultural business. Request a quote, email us, or give us a call at 800-541-5082 to speak with one of our representatives.

Related links:

Should you bundle your insurance coverages? Read why many horticulture businesses see the value in bundling.

Learn more about these insurance solutions for your horticulture or floriculture business’s unique risk exposures.

Hortica^® property and casualty coverages are underwritten, and loss control services are provided, by Florists’ Mutual Insurance Company, Florists’ Insurance Service, Inc., Edwardsville, IL, or affiliated members of the Sentry Insurance Group. For more information, visit hortica.com. Policies, coverages, benefits, and discounts are not available in all states. See policy for complete coverage details.

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