Replacing Commercial Crime Insurance in Texas
An insured business should have a justifiable reason for wanting to replace commercial crime insurance in Texas. To understand the consequences of replacing an existing plan, the business owner should read the policy contract to ascertain if there are penalties for termination. Under Texas law, an insured business can cancel commercial crime insurance at will. However, the advantages and disadvantages of replacing the old policy must be taken into account. The justification should show:
Shortcomings of the present commercial crime insurance plan - The policy owner should demonstrate the shortcomings of the current plan
The advantages of the new plan - The new plan must have a clear advantage over the current plan and must meet the insurance needs of the policy owner, which the current policy does not
The reason for not modifying the existing plan instead of replacing it - The reasons may differ for policy owners. For instance, it may cost more to renew the policy than to get a new plan. It may also be due to the inability to add a rider to the current policy
The financial advantage of the proposed plan - The policy owner must have a full understanding of the financial implications of replacing the current policy with a new one
Commercial crime insurance can also be canceled by the insurance company if it has justifiable reasons like fraud in obtaining coverage or failure to pay a premium. Replacing commercial crime insurance may come with additional fees, contact a state-licensed commercial insurance agent for an explanation if you are unclear on the terms and conditions.
How Do I Switch my Commercial Crime Insurance to Another?
In Texas, you can switch your commercial crime insurance plan to another by notifying your insurer about your intention. Discuss your need to switch with a knowledgeable state-licensed commercial insurance agent, who can either help you get a better plan with the same insurer or shop for better fitting alternatives among the competition.
How Can I Replace my Commercial Crime Insurance?
If you have met the conditions for policy change as written in the policy declaration document, you can replace your commercial crime insurance plan in Texas by:
Asking your commercial insurance agent to find a replacement,
Making a phone call to the insurance company
Sending an email indicating your intention
Visiting the insurance company in person to notify them of your intention
Via the provider’s online portal (if available)
Comparing your current policy’s coverage with other available options
Checking prices, contract terms, exclusions, and clauses of the alternatives
To get more useful information on how to replace your commercial crime insurance you need to carry out research, and you can do this by:
Contacting a knowledgeable Texas-licensed independent commercial property insurance agent. Independent insurance agents have access to many insurance companies in your locality and can get you price quotes from different insurers for you to compare and choose the best.
Personal research. You can surf the net to gather information on how to replace insurance plans, and also make use of information on the Texas Department of Insurance portal. While carrying out research, you should note that most deals are only carried out through insurance agents, which is the more reason you should contact a Texas-licensed insurance agent in the first place.
How Can I Replace my Commercial Crime Insurance if I Find a Better Deal?
If you find a better deal for commercial insurance, discuss it with a knowledgeable Texas-licensed commercial insurance agent who can:
Assess your business needs and current coverage (this should be done at least annually)
Compare the current (worse deal) commercial crime insurance coverage with the proposed (better deal) coverage
Verify that the new deal is indeed better, and
Explain how the change in coverage will affect the business if it ever needs to file the claim using the proposed coverage versus the existing one.
If the new deal is indeed better, your agent can help you fill out the application and make sure that your needs are met. You get free professional help, while the agent’s fee is covered by the insurer of your choice.
Can I Switch my Commercial Crime Insurance to Another Company?
Yes, you can switch your commercial crime insurance to another company. It is common for a business to switch to new insurers with more affordable rates. However, in Texas, before disengaging your current insurer, it is imperative to read the policy declaration document and find out if there is a penalty for such an action. Also, it is advisable to find out what the new policy includes and excludes. It may not be worth it if the price is reasonable, but you do not get the essential coverage that the previous plan offers. You can switch your commercial crime insurance if you:
Find an insurance company with a better coverage
Find a better price and contract terms than your current insurer
Moved your business outside the coverage of your insurance company
No insurer will want to lose policyholders to rivals, switching insurance companies may come with a fine. Contact a knowledgeable Texas-licensed commercial insurance agent to discuss your available options.
What Happens if you Change Commercial Crime Insurance Companies?
Changing a commercial crime insurance company leads to the termination of the dropped policy. Transferring a commercial crime insurance plan from one insurer to another means that the new insurer is now responsible for providing coverage to the business. The new insurer takes charge after filling out all necessary paperwork - on the date shown in the contract.
Can I Change Commercial Crime Insurance Companies at Any Time?
Yes, you can switch commercial crime companies at any time. However, before switching insurers, confirm if there are mid-term cancellation penalties for such action. If there are cancellation penalties, it may be economically wise to seek out the policy with the current insurer. If you are considering replacing existing coverage, talk to a trusted Texas commercial insurance agent who has access to multiple insurers and premium finance options for comparison.
