The Complete Insurance Renewal Data Checklist for Mid-Market Companies

If you've ever found yourself in a last-minute scramble to gather insurance renewal data, you're not alone. For mid-market companies—those with $5 million to $250 million in revenue—the annual insurance renewal process is often a chaotic, time-consuming ordeal that pulls executives away from running the business.

The problem isn't that the data doesn't exist. It's that no one owns the process of collecting it, organizing it, and getting it to your broker in time. This checklist will change that.

Why Renewal Data Matters More Than You Think

Your insurance broker uses renewal data to tell your company's story to underwriters. The more complete and accurate the picture, the better your outcomes:

Better pricing: Underwriters reward companies that demonstrate control over their risks
Broader coverage: Complete data means fewer exclusions and restrictions
Faster turnaround: Submissions that don't require follow-up questions get quoted first
Stronger relationships: Brokers prioritize clients who make their job easier

The Master Renewal Checklist

Financial Information

Underwriters use financial data to assess your company's stability and exposure base.

Current year revenue projections (by state if multi-state operations)
Prior year actual revenue (audited if available)
Three-year revenue history
Payroll breakdown by classification code
Subcontractor costs (if applicable)
Cost of goods sold

Property and Assets

A complete picture of what you need to insure.

Schedule of values (building, contents, equipment by location)
Business personal property inventory
Equipment list with values and acquisition dates
Vehicle schedule (year, make, model, VIN, use)
Leased vs. owned property designations
Property improvements made in the past year

Operations

Changes in what you do directly impact your coverage needs.

Updated description of operations
New products or services launched
New locations or territories
Changes in manufacturing processes
New customer segments or contracts
Percentage of work subcontracted

Human Resources

Employee data drives workers' compensation and employment practices liability.

Total employee count by state
Employee classification breakdown
Driver list with license information and MVR consent
New hires in the past 12 months
Management structure and key personnel

Loss History and Safety

Your claims history is one of the biggest factors in pricing.

Five-year loss runs (request from current carriers)
Explanation of any large or unusual claims
Safety programs and training documentation
Incident reports for the past year
Loss control recommendations and status

Corporate Structure

Underwriters need to know exactly who they're insuring.

Current organizational chart
List of all entities (subsidiaries, DBAs, LLCs)
Ownership structure and cap table
Any mergers, acquisitions, or divestitures

Timeline: When to Gather What

120 Days Before Renewal

Request loss runs from current carriers
Begin gathering financial projections
Audit your asset schedules for accuracy

90 Days Before Renewal

Compile complete renewal data package
Document any significant operational changes
Update vehicle and driver schedules
Send initial package to broker

60 Days Before Renewal

Respond to broker and underwriter questions
Review any coverage gap analysis
Finalize revenue and payroll projections

30 Days Before Renewal

Review quotes and coverage comparisons
Make binding decisions
Request certificates of insurance for the new term

The Hidden Cost of Poor Renewal Management

When renewal data is incomplete or late, the consequences ripple through your entire insurance program:

Rush fees: Some carriers charge for expedited processing
Coverage gaps: Policies that bind late leave you exposed
Missed markets: Some carriers won't quote with insufficient lead time
Higher premiums: Underwriters assume the worst when data is missing
Executive time: Fire drills pull leadership away from strategic work

Building a Sustainable Process

The companies that handle renewals smoothly share a few common traits:

Single point of ownership: Someone is accountable for the process
Centralized data: Information lives in one accessible place
Calendar-driven triggers: Tasks start automatically, not reactively
Broker collaboration: Regular touchpoints throughout the year, not just at renewal

For most mid-market companies without a dedicated risk manager, this is exactly the gap that needs to be filled—either through internal process improvement or tools designed specifically for this purpose.

Key Takeaways

Start renewal preparation 120 days before expiration
Complete data leads to better pricing and broader coverage
The same data is needed every year—build a repeatable system
Broker relationships improve when you make their job easier
The cost of poor renewal management is higher than you think