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COMMERCIAL INSURANCE BROKERS
Home > Blog > Cancelling a Commercial Insurance Policy
TUESDAY, AUGUST 17, 2021

Cancelling a Commercial Insurance Policy

It is very simple to request a cancellation of an Insurance Policy but you need to understand the financial implications in doing so. In addition to the coverage ceasing, you are cancelling the policy and it will be generally subject to a Minimum Earned Premium in addition to a short rate penalty which is at least 10% of the not‐earned premium. If you cancel a Worker’s Compensation Policy midterm it additionally may cause a re‐rating of your Experience Modification if one has been issued by the State in which you are doing business. Most of the time the re‐rating, if triggered, results in a higher premium when you replace coverage mid‐term with another Insurance Carrier.

Posted 9:30 AM

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