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How to Market Your Insurance Renewal
- Start, ideally, at least 3 months before the renewal date.
- Contact both your incumbent agent and, through us, Bill Fralic
Insurance Services, the exclusive agency endorsed by NASTC.
- Ask both agents to name the insurance companies that they
would like to access—usually a maximum of 4 or 5—this
is an important point and helps to avoid subsequent confusion
with markets being blocked and agents requesting broker of
record letters.
- Give the two agents a deadline
date that is a week to 10 days before your renewal date—hold
them to this date.
- Ensure that your incumbent agent, and any prior agents, have
given you current (no more than 2 months old) loss runs—you
will need 4 years of loss runs for underwriters. These can
sometimes take a little time to obtain, so the sooner you
start, the better. Note: this is YOUR information; if
necessary, you can ask the insurance company directly. During
the process, if you’re having difficulty obtaining information,
call us and we can help.
- Paperwork required by the agent will include:
- Loss runs
- Equipment lists
- A driver roster
- Mileage by state
- A financial statement
- Detail all the reasons that an insurance underwriter would like to insure your company—safety meetings, a safety director, Driver Plus, Safety Plus, Prepass, Peoplenet, security fencing and lights, management experience, driver hiring standards etc. Include in this important marketing piece anything that separates your company from others in a positive nature.
- Check that your DOT Safety rating status is Satisfactory
and that your driver and tractor out of service % is acceptable.
If these numbers are outside the norm, have a suitable explanation
prepared. Use www.safersys.org to check your ratings.
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