How Can I Cancel a Business Insurance Policy?

As a small business owner you will constantly need to be on the lookout for ways to control your costs, reduce your risks, and keep your insurance coverage up to date. Complacency is the wrong attitude to have when it comes to insuring your small business. Liability insurance is an invaluable asset for your company. When the provider is not keeping up with the pace of your growth or providing you with the service you need, it is time to change business insurance providers.

You are a valuable consumer in the insurance market. Putting your business up for bids is a great way to keep your costs down along the way. Once you have found new business insurance you will need to cancel your old policy. Getting that done is not difficult. Cancelling a business insurance policy is as easy as getting one. Of course, there can be the occasional hiccup like an open claim that is still being processed. That does not mean, of course, that you have to stay with that company.

Ongoing Claims

If you have any ongoing claims with your insurance company you can still cancel your policy. It might feel a bit awkward, but it is perfectly legitimate. Your insurance company cannot stop working on that claim or refuse to pay because you no longer have a liability insurance policy with them. You will want to keep a close watch on any open claims, and keep holding their feet to the fire to get things done.

Once you have decided to end your coverage with one company you want to get your timing just right. You can find out from your current insurer exactly when your current coverage will expire and tell your new company when to the hour and minute your coverage with them should begin. You can do this with a simple call to your agent. Now, any agent worth their salt is going to try to keep your business. What you decide to do in that situation is up to you.

Paper Trail

It is so important that you keep proof of all your insurance policy changes. At no time should you be without proof of coverage. Carrying different types of coverage with different companies is certainly allowed but make sure you know that you have the coverage you need at all times. Many kinds of insurance can now be purchased online. Most companies that operate online have documents available for printing and will mail you the necessary paperwork.

Finding the right insurance provider is easy. Getting good, affordable coverage to meet your small business liability insurance needs is simple. Cancelling your business insurance policy is no different. How you do it is up to you. You can do it in writing, by phone, or by email. Confirmation of the cancellation is important for your records.

Unless you are dealing with open claims there is really nothing more to do than to just inform the insurer that you are moving on. If they are able to offer you a better deal and you decide to stay, then that is a good thing. If they cannot beat the deal with the new insurer, then it is time to move on and keep your costs down. Get some information on any open claims and what they expect of you, update your contact information so you can keep in contact to resolve any open claim issues, and give them the date of cancellation. You are the boss in this situation. You can cancel your business insurance policy anytime, and just about anyway you choose.

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