Your renewal came back higher. Your broker takes days to reply. Or a new customer needs coverage your current policy doesn't provide. Whatever brought you here, you can compare other options while keeping your existing insurance in place.
Switching comes down to three things: finding coverage that fits, understanding what leaving will cost and getting the replacement confirmed before the old policy ends. Here's how to do it.
How to switch business insurance providers
1 Get your current policy and requirements together
Have your full policies, including endorsements, renewal date and customer insurance requirements handy. You'll also need your business details and claims history for the new application.
Tell each provider what's changed and what you want to improve. A new enterprise contract, your first employees or a new service can all change what you need. If an adjustment to your current policy would solve the problem, ask about that too.
2 Compare the coverage as well as the price
A lower premium only helps if the policy covers what you need. Compare limits, deductibles or retentions, exclusions and endorsements. Ask whether legal defense costs reduce the amount available to pay a claim.
Check that the insurer meets any rating or eligibility requirements in your contracts. For software businesses, look at Tech E&O and Cyber together: claims about your work and your own breach-response costs can fall under different parts of the coverage.
Consider the service, too. Who will help when a customer needs a certificate or your coverage needs to change? Ask how that works before you buy.
3 Check what happens to earlier work
Ask your broker: "Will the new policy cover claims about work we've already done?"
With claims-made insurance, when a claim is made and reported matters. Check the new policy's prior-acts terms and retroactive date, which helps determine how far back coverage can reach.
Your old policy may offer tail coverage, giving you extra time to make or report certain claims after it ends. It doesn't cover new work. Before binding the replacement, confirm the prior-acts or tail arrangement in writing, including eligibility, cost and deadlines to choose and pay for it. Some policies limit tail options after you buy replacement coverage.
Report existing or potential claims as your current policy requires and disclose them on the new application. They don't automatically move to the new insurer.
4 Find out what leaving will cost
You may be able to switch before renewal, depending on your policy and state rules. Ask your current provider for a written estimate of the refund and any charges.
You'll hear two common terms: a pro rata refund is based on the unused policy term; a short-rate refund is reduced by a cancellation penalty. The California Department of Insurance explains both. Fees, a final premium audit or an insurance-financing balance can also affect what you receive or owe.
Compare that cost with the benefit of moving now. If your coverage still fits and leaving early is expensive, renewal may be the better time.
5 Get the replacement confirmed in writing
A quote isn't confirmation that you're insured. Complete the application, payment and any other binding requirements. Get written confirmation from the insurer or an authorized representative that the replacement is bound, with the agreed coverage and exact start date, time and time zone.
Resolve any conditions that must be met for coverage to take effect. If you have umbrella or excess insurance, check whether the change affects it.
6 Close out the old policy
Once the replacement is confirmed, follow the old provider's cancellation or nonrenewal process, including any automatic-renewal requirements. Get confirmation that the old policy's end matches the new one's start. Turning off autopay doesn't cancel a policy.
Send updated certificates to customers, landlords or anyone else who needs them. Check any required endorsements, too: a certificate of insurance doesn't change the policy.
Keep the old policies, claim-reporting contacts and cancellation confirmation. Follow up on any final bill or refund.
When should you start?
Check your policy's cancellation, nonrenewal and claim-reporting deadlines, plus any tail deadlines, then work backward. Starting a few weeks before renewal gives you room to compare quotes and resolve questions. Your policy may require an earlier start, even if the new provider can quote quickly.
Why switch to Corgi?
If you're switching because a new customer needs higher limits or your business has outgrown its coverage, Corgi is worth a look.
You can apply, review your quote and pay online if eligible. If you'd like help choosing coverage or limits, talk with our team first.
Eligible startup applications can receive quotes in under 10 minutes, with same-day binding possible, subject to underwriting and availability. Specialized coverages can take longer.
When Artisan needed higher limits and broader coverage for its growing enterprise business, Corgi quoted, adjusted and bound that coverage in two days.
Get a Corgi quote before you decide whether to switch. You can compare the offer while keeping your current insurance in place.
Coverage and cancellation rights depend on your policies and applicable law. Review the transition with a licensed insurance professional.
