The day-to-day operations and challenges of running a business can often overshadow the importance of reviewing your insurance coverage. Updating your insurance may not be at the top of your priority list, what with work, home, and personal obligations. Have you ever wondered when you should update your insurance policy? We recommend your take the time to review your business insurance program before each renewal.
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The length of time it takes to renew your policy is determined by the size of your company, the complexity of your risk, and the insurance carriers you use. However, starting conversations two to four months ahead of time has a significant advantage. We have discovered that it allows you to communicate with your insurance broker about various difficulties and ideas. You can talk about potential company developments as well as the various insurance options.

A good market strategy can be condensed to five simple criteria regardless of an organization's size, complexity, or risk profile.

1. Evaluate Your Agent Choices, knowledge of your industry, their ability to develop a relationship or partnership with you and reference checks.
2. Start the process 90 days in advance.
3. Review your risks in relation to your coverage. Are there any gaps in coverage that need to be addressed?
4. Recognize that a low price may not be the best option.
5. Be prepared to negotiate.

Evaluate Your Agent Choices
To begin with, how responsive is your insurance agent? Is it common for you to be left hanging or suffering in the dark for weeks while waiting for a response to your insurance details? Of course, top-tier brokers are also quite busy. A little common sense goes a long way. People who want your business, on the other hand, are more likely to work hard for it.

Consider the following items when selecting your agent

• How many insurers do they represent?
• Are they experienced?
• Look for an agent with whom you can develop a good rapport. If you have an effective working relationship with your provider, you will likely have a better experience purchasing comprehensive coverage.
• Do they have experienced staff?
• Look for a partner not just a vendor.

Start The Process Early
Some agent like to start 120 out from the renewal date, and other say 90 days is ok. We think the more time you have, the better. This gives you plenty of time to plan your strategy and goals, gather data, create attractive underwriting submissions, engage underwriters to consider your options, and get post-binding papers like ID cards, certificates of insurance, and invoices. The idea is never to give an insurer a reason to deny participation because "there isn't enough time.

Review Your Risks In Relations To Your Coverage
The process of risk and coverage review can be important to ensure your proposed coverage meets your goals. If you have an uncured loss due to a lack of understanding of your risk is never acceptable. This gives you and your agent an opportunity to thoroughly review your risks and design a program to meet your needs.
Recognize That Low Price May Not Be The Best Option
Often businesses will look to the lowest cost as the main factor in considering which program to select. This may not be in your best interest. Low-cost insurance can mean that there are coverages missing, restrictive terms, or exclusion you may not want to be included in the quote.

There are cost-saving options when purchasing or renewing company insurance coverage to help you save a large amount of money. If you can persuade your insurance that your risk exposure is modest, for example, your premium can be lowered.

Be Prepared To Negotiate
While a small business doesn't have the same bargaining power as a firm that pays a six-figure premium, there are a few things you can ask for, including:

• Multi-year policies. These are helpful from a budgeting standpoint.
• Can the carrier assist with loss control? Identifying dangers in the workplace, advocating better controls, giving staff training materials, and developing best practices for a safer work environment are just a few examples. Mock Occupational Safety Health Administration (OSHA) inspections help ensure the business is OSHA compliant.
• Deductibles. As a result, assuming more significant risk in the form of a higher deductible should lower your premium. Determine how much your company can afford to pay if you need to file a claim while contemplating this choice.

 
Yes, the renewal procedure can be time-consuming and complicated, with many loose ends. That does not have to be the case. Not if you follow the correct procedures and have a well-defined strategy. A qualified insurance broker specializing in commercial insurance plans may make things a lot easier and more cost-effective.

Commercial business insurance is an important aspect of any business that cannot be ignored, especially if the business premises are leased or rented and even otherwise. Whatever your commercial insurance needs, we can design a protection program that’s right for you.

Whether you're dealing with chemicals or arranging research studies, you're probably exposed to a variety of risks on a regular basis. We understand that biotech and life science companies face particular problems, which is why we've developed insurance coverages to keep your company safe.
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You may rely on our products, services, and financial strength throughout the life cycle of your organization, from start-ups with a single promising molecule to clients bringing several therapeutic targets through worldwide clinical trials.

Common Risks
Companies in the life sciences and biotechnology industries use sophisticated equipment and materials, which exposes you to hazards such as:

• Regulations that are quite strict
• Interruptions in the supply chain
• Injuries to patients
• Product or sample loss, recall, or spoilage are all possibilities.

While it's critical to manage these risks, you'll also have to deal with other concerns that small businesses confront, such as property damage and bodily injury. That's why we provide commercial insurance to keep your business protected no matter what happens.
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A Business Owner's Policy can help biotech companies and other businesses in the life sciences industry (BOP). This policy combines three types of company insurance into one simple package:

• Property
• Liability
• Product Recall
• Cyber Liability
• Professional Liability
• Crime
• Equipment Breakdown
• Auto
• And More

Give our team a call today, allow us to help you protect your business. 

I get this question a lot from Life Science companies and it's an excellent question. You have so many things to worry about, from funding to FDA approval, where does insurance fit into the Life Sciences picture. Can it be put off? This particular post is pertaining to Property & Casualty Insurance, not Health Insurance. If you answer, YES, to any of the questions below, you should contact a Life Sciences Insurance professional.
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Do you have employees or contractors acting as employees? 
Work related injuries happen no matter how safe you make the work place environment. According to the CDC, falling down is the most common office injury. This could be from wet floor or tripping over something (a work bag, cord, chair, etc.). A Workers Compensation policy will respond to these types of office injuries, and quite frankly, they could be costly.

Do you have office space? 
If you have office space, you most likely have guests entering for meetings. What happens if they get injured on the premises? You most likely will be held liable. If your landlord hasn't required you to have General Liability Insurance, it's probably only a matter of time before they ask for a Certificate of Insurance. Take the time to get it now rather than having to scramble to get it. 

Do you have product/inventory, office equipment or medical equipment? Basically, any property that your company owns. 
Even if it's minimal, why risk it? I tell people, if it's minimal, chances are the premium will be minimal as well. When it comes to property insurance, when have you ever regretted purchasing it? 

​As you can see from the above, it's really during the infant stages that you should be working with an experienced Life Sciences Insurance broker that is familiar with the industry. It's not worth the risk to forgo the coverage. You might be thinking, we are pre-revenue and don't have any money for a policy. Fortunately, a policy for a Life Sciences company in the initial stages of business certainly won't break the bank. This is where working with a broker like Strive Insurance Group has its advantages. Feel free to call or email me if you have any questions or would like a quote. 

Jason Matison
Commercial Insurance Agent
Austin, Texas