Coverage 101 | Why is my insurance company not renewing by insurance?
It is a very concerning question. And “Why Is My Insurance Company Not Renewing My Insurance?” is a question the Canadian insurance brokers at ALIGNED Insurance are occasionally asked.
Unfortunately, there is no single answer to answer why is my insurance company not renewing my as Canadian insurance companies can decide not to renew an insurance policy for numerous reasons.
We’ve prepared this brief post to help answer your questions if you find that your insurance company is not renewing your insurance. First and foremost our brokers across Canada are always here to help you and your business connect with value, options and choice.
Here are some common reasons why your insurance company might not renew your coverage…
There are numerous reasons why your insurance company might not be renewing your insurance including some which are specifically related to you and/or your account and actions you took or didn’t take and others that are completely unrelated to your specific risk.
Here’s a brief list of some common reasons:
- Non-payment
- Late payments & missed payments
- Insurer is no longer comfortable with your specific risk and/or operations
- Your insurer is exiting a specific geography
- Insurer is exiting a specific industry, SIC code or type of operations
- The insurance company is exiting a specific insurance product line
- Insurer is uncomfortable with the amount of actual or potential claims related to an area, industry and/or product
- Other
However, as a consumer it’s important to ask ” why is my insurance company not renewing my insurance? ” and receive a satisfactory answer from your agent, broker or insurance company if you deal with them directly.
The reason it’s important to have the answer to why is my insurance company not renewing my insurance is because it’s become part of your insurance story which is like your credit history/story and is something you should be aware of and actively manage.
What does managing your insurance story mean?
Managing your insurance story means ensuring you keep records of:
- Any and all liability insurance policies you and/or your organization have purchased
- The insurance company that wrote each insurance policy
- The reason behind why a change was made from one insurance company to another and definitely having an answer to “why is my insurance company not renewing my insurance?” if that applies.
There are a number of reasons why managing your insurance story is important. Questions about your past insurance are often part of the application process for future insurance renewals. Also, you may need to submit a claim to a past insurer for a claim that becomes known years later if that policy was written on what’s known as a “per occurrence basis“.
Why we are much more than just commercial insurance Canada experts
Our focus on providing important insurance insights right here on our website, through our e-newsletter ALIGNMENT Matters and our social media channels is a foundational cornerstone of our business. We take pride in delivering a different insurance experience to Canadian business.
What sets the ALIGNED Insurance team apart…
First and foremost, we are proud to be 100% Canadian owned. And we’re also proud to be a premiere insurance brokerage that currently serves more than 1,600 clients across this country.
We’re also super proud to support businesses across Canada. In addition to our national operations centre in Cambridge, Ontario, we support commercial insurance clients through Toronto, Ontario; Calgary, Alberta and Vancouver, BC.
We believe that aligning insurance experts to business needs is one of the most important things an insurance broker can do to support their clients.
Last but not least, here’s the
ALIGNED Insurance story…
In 2014, our President and CEO Andrew Clark founded ALIGNED Insurance. Andrew’s vision inspired our 18 points of differentiation. These points set our brokerage apart in the Canadian insurance marketplace.
Uniquely within the industry, ALIGNED Advocates create, negotiate and deliver the best commercial products, services and insurance solutions for businesses.
