Do you get an insurance renewal notice from your broker or insurance company and think it seems very high? Or has the amount of risk cover decreased without your knowledge?
Renewing your small business insurance is not enough. You need to make sure that whatever policy you pick will suit your needs in the long run.
Here are things that small business owners must note when dealing with their insurance renewal notices:
What to Do After Receiving Insurance Renewal Notice
Renewal notices are sent out to consumers by either their insurer or agents regularly. This is at least once per year, yet sometimes it can be as frequently as every quarter. But the question is, do you send notice of nonrenewal immediately?
While it may seem like just another bill, this is actually one of the most important documents you receive throughout the year. Thus, being aware of what exactly needs renewal and how to go about it is essential.
Check out these five steps to take when your small business insurance renewal notice arrives in the mail:
Read All Correspondence from Your Insurer
Not reading the entire policy when you first receive it in the mail is a common mistake that most people make. They only focus on certain sections that look important and skip over others that don’t seem relevant at that moment.
Don’t do this! Make sure you read every word of your policy. If your agent or insurer sends you a renewal offer that’s lower than the amount you’re currently paying, ask them why.
Chances are they’ve changed some terms to bring down premiums.
Take a minute and review these revisions carefully before signing on.
Renewal Notices Are Not Always Renewals
Renewals are merely notices of extended health care options you have under your current plan. There’s no guarantee that your premiums won’t go up after it’s been renewed.
Renewals don’t require another round of applications and other paperwork just for something you already had. Again, the notice of renewal does not equal automatic renewal unless otherwise stated by the insurance provider.
You Were Automatically Re-enrolled in Your Plan
This will be the case if you receive a renewal notice from an insurer in your state’s high-risk pool. These pools don’t offer coverage to everyone who wants it.
They’re intended for people with pre-existing conditions. After sending a non-renewal insurance letter to your current provider, you’ll need to shop around for new coverage during open enrollment.
Changing the Policy
During health insurance renewal, it’s not simply a case of continuing with the same plan as last year. Since your last renewal, you must also inform your insurer or agent of all changes in circumstances such as job loss or change of residence.
If you fail to do this, they’ll assume that you still qualify for the old rates and conditions. This results in hefty penalties at its best or cancellation with no refund at worst.
Tired of Receiving Insurance Renewal Notices?
Are you looking for a reliable health insurance provider? Are you tired of receiving several insurance renewal notices and need guidance on how to go about it?
At FutureWise Insurance, we provide the best health insurance coverage at affordable costs.
Please don’t hesitate to contact us if you have any questions regarding renewing your insurance! Our team will be happy to help in any way possible.