As 2025 approaches, it’s crucial to evaluate your insurance policies to ensure your coverage aligns with your evolving needs. Renewals are more than just a formality—they’re an opportunity to reassess, realign, and refine your risk management strategy. Here are five key questions to discuss with your agent or broker before your upcoming renewal.

1. What Changes Have Been Made to the Policy This Year?

Insurance carriers often update their policies annually. These changes can include coverage enhancements, exclusions, or adjustments to premiums and deductibles. Ensure you thoroughly understand any modifications and how they impact your coverage.

Example Questions to Ask:

• Are there any new exclusions I should be aware of?
• Have coverage limits or sub-limits been adjusted?
• Are there new endorsements or add-ons available that suit my business needs?

2. How Will This Insurance Carrier Help Me Manage Risk in 2025?

A good insurance provider is more than just a safety net; they’re a partner in proactive risk management. Ask about specific services or tools they offer to minimize your risks.

Consider Inquiring About:

• Risk assessments and loss prevention programs.
• Training resources for employees on safety protocols.
• Regular updates on industry-specific risks and compliance changes.

3. Does My Coverage Still Meet My Evolving Business Needs?

Business environments change rapidly, and what worked last year may not suffice now. Review your current operations, assets, and risks to determine whether your policy aligns with your current situation.

Points to Evaluate:

• Have you added new locations, employees, or services?
• Have your revenue or assets significantly increased?
• Are there new risks (e.g., cyber threats, supply chain disruptions) that require additional coverage?

4. Are There Opportunities to Lower My Premiums Without Compromising Coverage?

While it’s essential to have comprehensive coverage, you shouldn’t overpay. Work with your agent to identify cost-saving opportunities that don’t jeopardize protection.

Ask About:

• Discounts for bundling policies or maintaining a good claims history.
• Deductible adjustments and their impact on premiums.
• Risk management programs that could reduce premiums.

5. How Do I Ensure a Seamless Claims Process if I Need to File One?

A policy is only as good as the claims process behind it. Make sure your insurance carrier has a reputation for efficiency and transparency when it comes to handling claims.

Important Details to Confirm:

• How does the claims process work, and what documentation is required?
• What is the average time frame for claims resolution?
• Are there dedicated representatives to assist with claims?

Stay Informed, Stay Protected

Insurance renewal doesn’t have to be overwhelming. By asking the right questions and working closely with your agent, you can secure coverage that protects your business and aligns with your goals for 2025.

At CSIA, we’re committed to ensuring our clients are informed and properly insured. Whether you’re renewing or exploring new policies, our team is here to guide you through every step of the process.

Need more information or personalized advice? Contact us today to discuss how we can support your risk management needs.