NU Online News Service, May 20, 3:15p.m. EDT
|If there is a silver lining for businesses that have shedworkers and seen sales drop during the recession, it may be cheaperinsurance, but agents and brokers need to be made aware of changesas soon as possible.
|A story appearing in American Express' newsletter, InsideEdge (http://corp.americanexpress.com/gcs/insideedge/articles/no-automatic-renewal-elizabeth-wasserman.aspx),describes how mid-sized companies can take advantage of a softinsurance market and changes to their businesses that affect theirrates.
|But clients should discuss changes as quickly as possible withtheir agents and brokers to see what options are available, thestory notes.
|The story lists mass layoffs, a plant closing or buildingvacancy, new products or lines of business, and increasing ordecreasing inventory as changes that could lead to lower premiumsor the need for additional coverage.
|For more details, see the Inside Edge story titled "NoAutomatic Renewal."
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