The Arizona Department of Insurance issued a regulatory bulletin noting that commercial policy holders are only entitled to 30 days’ notice of changes or reduction in coverage.  This does not leave a whole lot of time to shop.

The bulletin stresses that mere warning of possible changes is not enough. The communication must be “sufficiently specific to allow policyholders to make an informed decision”. Nevertheless, notice is considered given if the “insurer delivers new policy terms and conditions thirty days before the expiration of the policy”.

So, thirty days before renewal you might get (or get online access to) a renewal package and a bill. If you are like most business owners and professionals, you have enough to do taking care of clients and customers. It would be normal to look for the bill and make sure it gets paid, but otherwise ignore the other stuff. This could be a costly mistake. It is important to compare the renewal offer to your current coverage to make sure there are no changes. Contact your broker or the insurance company promptly if there are any discrepancies or if you have any questions.