Strong Factor in Your Renewal Premium (Payment History)

Strong Factor in Your Renewal Premium (Payment History)

Insurance carriers utilize your Payment History as one of the factors in determining whether or not your business is going to have a Rate Increase in your Renewal Premium.

Payment History involves:

– Notice of Cancellation(s)

– Late Payment(s)

– Cancellation Reinstatement(s)
*Becoming more limited by the insurance companies*

An insurance claim filed during a lapse in your coverage from inadvertently not paying your bill frequently is a major reason for denied claims!

An excellent solution to this is having an automatic bank check plan or automatic bank draft set up to pay your insurance premiums.
This will greatly reduce your chance of having a cancellation, as well as greatly reducing the potential of a rate increase for your renewal premium.

Call Coopers Insurance Agency with any questions you may have!