Unlike your auto insurance, your business insurance policy is not automatically renewed.
Very often, insurers will send a renewal notice 30 days before the policy expiry date, but they’re not required to do so. To make sure you’re always well protected, write down the maturity date of your insurance policy in your agenda.
Don’t intend to renew your business insurance policy with your current insurer? Let him know as soon as you have subscribed to an insurance policy with another insurer!
Your insurance policy must be modified if changes in your situation impact your level of risk. For example:
- Your inventory has doubled
- Your sales are up significantly
- Your professional activities have changed
- You have purchased new equipment
- You are about to start extensive work to your building
- You renovated your building
It’s important to let your insurer know to make sure your insurance policy reflects the risk underlying your professional activities and the value of the property you own.
You can cancel your insurance policy at any time and for any reason. (For example, if you’ve found an insurer who’s offering a lower premium.)
To do so, you must send a written notice to your insurance broker or insurer. However, you may be charged a penalty. (The longer the remaining policy term, the higher the penalty).
Your insurer can also decide to cancel your insurance policy, more specifically if you’ve not paid your premium. If this is the case, your insurer must send you a written notice. The policy will end 15 days after the notice is received. Where applicable, the insurer will reimburse the part of the premium that corresponds to the policy term remaining.