When your trade association insurance is due for renewal, it is a good opportunity for your organization to control costs or obtain more favorable coverage terms.
Trade associations face a range of risks related to their unique line of work, with everything from cyberattacks and third-party liability claims to workplace injuries and other hazards weighing on organizers’ minds.
The Best Approaches For Renewing Trade Association Insurance
Beginning your insurance renewal process early gives you time to work with a professional to evaluate your trade association’s risks and consider its needs carefully before making a commitment. Here are some strategies that can help you get the coverage your trade association needs at the best price possible.
Review Your Coverage
All trade associations should evaluate their current coverage each year and work with a broker to determine whether it is adequate according to their current business situation. In addition to ensuring that existing exposures are fully covered, you also want to consider whether you are paying for coverage your trade association does not need. Consider any changes that have been made in your trade association and how those might impact your coverage needs, particularly changes in your staff and equipment.
Consider Changing Deductibles Or Limits
Some trade associations find cost savings at renewal time by switching to a policy with a higher deductible or a lower limit. The deductible is the amount of money you pay for a covered claim before your insurance will start paying, while the limit is the maximum amount of money the insurer will pay on a covered claim. If your trade association is in a financial position to assume more risk with either a higher deductible or a lower limit, it could allow you to reduce your premium significantly.
Work With A Professional For Trade Association Insurance
When it is time to renew insurance, one of the most important steps a trade association can take is working with a broker who is experienced in trade association insurance and willing to take the time to gain a comprehensive understanding of the operations and exposures involved in the organization.
Many people believe that making insurance decisions on their own is a good way to save money, but a good broker will be able to use their industry relationships and access to carriers to negotiate the best price with the greatest coverage on your behalf so your association will get the most for its money.
If you already have an insurance broker, they should reach out to you a few months ahead of your policy renewal date to discuss potential solutions and ensure your association has affordable yet comprehensive coverage. Identifying any new or changing exposures should form a major part of this meeting.
This is also the right moment to close any open claims if possible and consider whether any trends have emerged that require further research. A good broker can provide you with a loss history analysis and make recommendations on how you can reduce future claims.
You can show that your trade association takes risk management seriously by implementing strong risk controls. Take advantage of your insurer’s recommended risk control programs, such as employee training, the use of personal protective equipment, and other safety programs that can prevent injuries and accidents in the workplace.
Prepare An Effective Submission
When you are preparing your renewal submission, include a detailed description of your trade association’s operations, including any risk controls and changes that have taken place during the last policy period. Use the opportunity to define your loss prevention and safety efforts and explain any other attributes that have a positive impact on your association’s risk profile.
If you had any claims in the last year, explain them and any actions you have taken to reduce future losses. Taking the right steps to reduce your association’s risks wherever possible may make you more attractive to insurance underwriters, which can have an impact on your premium.
Consider Using Credits
Many insurers offer trade associations credits that can lower the cost of their insurance. For example, your trade association may qualify for safety program credits or loyalty credits for using the same insurance carrier over a long period of time. Ask your broker what types of credits your trade association may be eligible for so you can take advantage of this often-overlooked way to save money on your premium.
Reach Out To The Trade Association Insurance Professionals
Make sure your trade association is in a strong position at renewal time by working with the experienced trade association insurance brokers at CI Solutions. We will work with you to define your current coverage needs and find a solution that meets your budget while keeping your trade association protected from a broad range of risks.