Changing insurance providers before your policy expires is not unusual, and it may save you money by getting the coverage you need at a better rate.

Start by getting a free quote for your business from Zensurance, and consider what the coverage limits and deductibles are in your current policy to those offered by other insurance providers.

You can switch providers anytime, but if you cancel an existing policy early, you might be entitled to a refund on the premium paid year-to-date. 

A commercial insurance policy may be subject to a minimum retained premium; usually 15% to 25% of the annual premium you have paid. For example, if your minimum retained premium is 25% and you cancel a policy within the first three months of purchasing it, you will still owe three months’ worth of that premium. Therefore, if you’re making monthly payments and have only paid for one month, you’ll still owe that provider two more months’ worth of payments.

If, on the other hand, an insurance provider cancels your policy, you will receive a proportionate refund of the total premium.

With more than 50 Canadian insurance providers in our partner network, Zensurance can find the coverage you need that may save you up to 35% on your annual premium versus what our competitors offer.