The Importance of Policy Reviews

Photo of hands flipping through file folders inside of a blue file case. Photo by Anete Lusina:

Anyone who has been around the property and casualty business for long knows how fast-paced it is and the stress that independent agents deal with on a daily basis. You have to establish yourself as trustable expert, you have to understand the insurance needs of each client, and find coverages to meet those needs.

However, just as important as that initial sale is the responsibility to check in with Insureds on a regular basis to review their coverages and any changes that might be necessary.

The circumstances of your Insureds change over time, and thorough, regular reviews are crucial in order to ensure that their coverages provide adequate protection against potential risks.

New applications and new photos should be provided for renewing Insureds every 5 years, but we strongly suggest that reviews be conducted every year at renewal to give peace of mind and help avoid potential claims against your errors and omissions (E&O) policy.

It’s also very important to review coverage when you purchase a book of business from another agent in order to avoid surprises down the road. This is an industry best practice and one we strongly encourage you to follow in order to protect all involved.

Insurance is not a “set-it-and-forget-it” business. Through regular reviews, you will provide your Insureds with the service and protection they need and expect while also looking out for your own interests as an agent.

If you have any questions or concerns, we’re here to help!

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Photo by Anete Lusina: