As your business insurance policy comes up for renewal, it’s natural to wonder if you might be able to get a better deal or access better customer service. Perhaps you’re reading this blog, but currently have coverage through someone else.

As a business owner, switching insurance is particularly daunting. Finding coverage that protects your assets and the future of your business at a good price can be difficult, which may override your desire to try something new. Here are six steps to simplify the process of switching insurance.

1. Switch Companies at the Right Time

Timing the switch of your insurance is best done in the months and weeks before your policy is set to renew. You’ll get the best comparison of new rates and avoid any early cancellation fees. Watch your mail and email for any renewal information on your existing policy and compare these rates to the rates you are quoted by others. If you can’t wait to switch, factor in the cost of prorated coverage and surcharges to make sure you’re comfortable with your new deal.

2. Compare Coverage Between Companies

Comparing apples to apples is important when you’re shopping for insurance, since rates for different levels of coverage can vary greatly. It’s important to make sure the price you are quoted for your franchise is for a comparable level of protection that is vetted and approved by your franchising company and doesn’t expose you to excessive risk. Be sure to ask for a quote for a level of coverage equal to your current policy for the best price comparison.

3. Research Rates, Reputation and More

Shopping for insurance most often involves comparing rates from different companies. Price is a huge factor, and probably one of your main reasons for switching, but it’s not the only one you should consider. Make sure to research the company as well as its premium rates. Look for a company with solid financials, a high A.M. Best Company rating and experience in your industry. You want to make sure the insurance company you pick will be able to stand behind its policy if you need to make a claim.

4. Look for Extra Savings and Discounts

Keeping multiple policies with the same insurance carrier can mean extra savings and discounts worth hundreds of dollars per year. While you may initially only be interested in switching a single policy for a better deal or better protection, you may find out that you can save even more by moving all your policies. Keep an open mind when shopping for new coverage, do your research, and ask questions about additional savings or discounts you may qualify for.

5. Consider Other Insurer Benefits

Choosing an insurance company isn’t just about the rate and coverage they can offer. Some companies cut corners in other important areas. Pay attention to how easy it is to use their website, talk to a representative, get your questions answered and get a quote. The way your customer service needs are handled while shopping can be an important indicator. Look for a company that offers additional insurer benefits, such as risk management resources, best-in-class customer service and access to insurance expertise.

6. Complete the Switch to a New Insurer

Making the switch to a new insurance company not only involves purchasing a new policy, but cancelling your old one, while avoiding any gaps in coverage. Know that it is even okay to leave your old insurer with an open claim, if needed. But do make sure to check whether your old policy is a “claims made” or “occurrence” policy. For a “claims made” policy, you may need tail coverage to complete your coverage. Lastly, remember to get confirmation that your old policy has been terminated, especially if you are on an automatic payment plan.

Thinking about switching insurance when it’s time to renew is normal. A lot depends on your choice of coverage, so make sure to do your research.


When you insure your business with Lockton Affinity, you can be sure you’re getting great coverage at a great price. At Lockton Affinity, we offer tailored coverage packages, trusted insurance solutions backed by decades of experience, and best-in-class customer service to help answer your questions, provide you with a quote and assist you with switching over your coverage.

See what our coverage will look like for your business with our quick and easy 5-minute price indication.