What is an insurance policy renewal?
Insurance is a legal contract that contains an effective date and expiry date (typically one year from the effective date). When the term of the existing policy is nearing its end, the insurer may offer renewal of the contract. Renewal is generally automatically offered if your business still qualifies for the contract or if the insurer has not received any cancellation request.
A written notification is usually sent to you within a reasonable time-frame prior to your next insurance term begins, informing you about the updated premiums, coverage details and the policy’s terms and conditions for the upcoming contract term. This process is called a Policy Renewal.
Ownr Insurance will provide notice of your renewal 90 days prior to your current policy's expiry date.
What should I consider prior to renewing my insurance policy?
Generally, policy renewal is a great time for you to review any recent or anticipated business activity changes compared to the previous period, as these changes may have implications to the terms and conditions of your upcoming insurance policy.
Examples include:
Changes in overall business revenue.
Changes in business revenue from the United States
Any additions and/or changes to business locations.
Any additional and/or changes to products and/or services that you are offering.
Renewal period is also a good time to assess if your expiring insurance coverage is still sufficient and relevant to your business from a risk management standpoint.
Consider the below scenarios:
“My business has grown and its revenue has increased throughout the year.”
This might indicate a need for higher liability limits, as there is now more traffic to your business which increases the exposure of any legal action brought forth by customers, suppliers and others.
“My business has obtained additional or new equipment.”
This might indicate a need to increase your contents coverage to ensure your most valued assets are protected.
When in doubt, it is best to consult with Ownr’s licensed insurance representatives. We can help assess if there are any changes that need to be made to your insurance policy and recommend any additional coverage your business might need.
What happens if I decide to renew my insurance policy?
At Ownr, your policy is automatically renewed each year. If we have not received any updates or changes from you, your policy will be renewed with the same information based on what you have provided last year. A copy of the new insurance policy documents for your upcoming term will also be available to view on your Ownr insurance dashboard prior to your renewal begins.
Your annual premium for the new insurance term will also to charged to the credit card you have on Ownr’s platform prior to your policy renewal.
It is best to review the details contained in the new policy to make sure the coverage terms are still up to date. If you require consultation, please do not hesitate to contact Ownr’s licensed insurance representatives.
Is it mandatory to accept policy renewal?
No. The decision whether or not to continue with insurance coverage is completely up to you. There are no mandatory requirements to accept the renewal insurance contract.
If you wish not to continue with the policy renewal, please be sure to cancel your policy on or before your current insurance policy expiry date to avoid charges of new premiums. You may cancel your insurance policy by clicking the “Cancel Policy” function located at your Ownr Insurance Dashboard or contact us by email: [email protected]
Before canceling, it is also a good idea to have alternate insurance coverage arranged from other sources to ensure your business is protected with continuous coverage.