Manufacturing Insurance Renewal Going Up? It's Worth Comparing Options.

Your manufacturing insurance renewal arrives, and the price has gone up again. You want to know whether another insurer can cover the business for less.

That's a reasonable reason to shop. You don't need to be expanding, buying equipment or opening another location to ask for a better option. At Burch Insurance Group, we can review your current policies and help you compare alternatives for the business you operate today.

Start with the renewal you're being asked to pay

Send us your current policies and the renewal proposal, along with the date your coverage renews. Tell us what has changed since the last application, even if the answer is very little.

For a manufacturer, we'll want to understand what you make, how the products are used, your sales and payroll, and the equipment and inventory at each location. Recent loss information and any insurance requirements in your lease or customer contracts also help with the review.

Those details matter when comparing quotes. A proposal based on different payroll, property values or operations can look cheaper before anyone has changed the actual price of comparable insurance.

Find out what makes the other quote cheaper

A lower premium is worth considering. The next question is what you would be buying for that price.

For the building, equipment and inventory, compare the insured values, deductibles and how a covered loss would be valued. Replacement cost and actual cash value are different ways of settling a property claim. A change there belongs in the price discussion.

Your liability coverage needs to fit what you make and where your products go. Bring customer requirements to the review, especially if a contract calls for particular limits or endorsements.

Also look at the protection for lost business income if a covered property loss interrupts production. The covered causes, limits and policy terms matter. Having to stop production does not, by itself, mean the loss is covered.

We'll help you identify those differences so you can decide whether a lower quote is a better option for your business.

Make the comparison before renewal day

Start the conversation when you receive the renewal information. That leaves more time to answer underwriting questions, compare terms and decide what to do.

Sometimes another option will be worth pursuing. Sometimes the current policy will still make sense once the differences are clear. We can't promise a lower premium before reviewing the account, but we can help you understand the choices.

If you decide to switch, confirm the new coverage and effective date with your agent before ending the existing policy.

Ask BIG to review your manufacturing insurance

Send us the renewal proposal and current policies, and tell us when the decision is due. We'll start with what you're paying and what the business needs, then discuss the options available.

For more on the building, equipment and inventory side, see our commercial property insurance guide.

Call Burch Insurance Group at (612) 712-6407 or request a commercial insurance review.