The end of the year is quickly approaching which means being on top of your business yearly renewals. These renewals include lease agreements, workers compensation insurance, liability insurance, auto insurance policies, among others. This is an excellent time for you to review your lease and your policies, and to make any desired changes upon renewal.
Policy renewals are often mailed to you 30 – 45 days in advance of the existing policy’s expiration date. This means that before renewing your policy, you will have the chance to identify any rate increases or discounts, obtain quotes from other providers, and ensure you are getting the maximum coverage at the best available rate.
If you have automatic payments set up for your policies, this is a good time to review your policies before you continue making payments. You will have to make any changes to your recurring payments to reflect any increases or decreases per the new policy’s schedule of payments.
In addition, a deposit can be required upon policy renewal. It’s critical that this deposit is mailed timely. If you decide to cancel your existing policy and go to a different provider, you will need to contact your current provider and cancel this policy to avoid any fees.
Of course, be careful If you are canceling your policy to ensure that your new policy coverage will begin immediately to avoid lapses in coverage.
In terms of lease agreements, it’s important for you to identify any monthly rent payment increases per your existing lease agreement and any changes to your monthly CAM payments. Then you can update this cost in your upcoming budget and projections.
When renewing your lease, it is critically important that you review it in detail and it is always a good idea to have a qualified third party look at it as well.
For more guidance on yearly renewals, please contact us.
Authors: Melissa Cunarro & Jane Park