This page is for franchise owners insured through Rikor whose policy is coming up for renewal. Renewal is when the insurance company sets your price and terms for the next year, so it's the best time to make sure your coverage still fits your business.
Step 1. We reach out at least 90 days before your policy expires
You get an email from Rikor, on behalf of your brand, asking you to confirm or update your business details. Check your spam folder around that time. The earlier you answer, the more time we have to shop your coverage if the price goes up.
Step 2. Confirm what changed
Where we already have your details, we fill them in and ask you to confirm. Tell us what's different from last year:
- Revenue, payroll and subcontractor costs. See How to estimate your revenue and payroll.
- Vehicles and drivers added or removed
- New or closed locations, and any new services you offer
- Any claims or incidents this year
Step 3. We review your renewal offer
Your consultant checks the insurance company's renewal against your brand's requirements and last year's terms. If the price or coverage isn't right, we take your business to other insurance companies and show you the options side by side.
Step 4. You choose, and you stay covered
You pick an option and we put it in place before your current policy expires. Your new certificate goes into the RMS so your brand sees you're still covered. If your brand or a landlord needs a new certificate, we send it.
If we don't hear back
We follow up by email, text and phone. Some carriers renew automatically on the same terms with updated pricing. Others need your answers before they'll offer a renewal at all. Without your updates, the renewal may be priced on old numbers, which means an audit bill later, or the policy may lapse. A lapse leaves your business unprotected and out of line with your brand's requirements.
Renewal is on its way and you haven't heard from us? Email support@rikor.io.
Related: Premium audits: what they are and how to avoid surprises ยท How to reach Rikor and what to expect