Ask your broker one question: which insurance companies did you approach, and what did each one say? A broker who really shopped your renewal can answer that in a day, in writing, and can also tell you why your price moved. A broker who did not will have a renewal notice and a reason it arrived late. Who this is for: a business owner whose renewal just came in higher, with one page and no options, and who wonders whether anyone looked.
The short version
- A shopped renewal comes with a list: who was asked, who quoted, who said no, and why.
- Two or three real quotes is normal. One quote with no explanation means nothing was shopped.
- A rate change should come with a reason: your payroll, your claims, the insurer's rates, or the market.
- The proposal should arrive two to four weeks early. A renewal that shows up the week it expires was not shopped.
- Ask for the list in writing. A broker who did the work will be glad you asked.
What does a shopped renewal look like?
It looks like a short report, not a bill. The broker shows your current policy next to the options they found, names the insurers that quoted and the ones that said no, and explains what changed. Not every renewal needs to move, but a broker who shopped can show you why staying is right. A broker who did not can only tell you the new price.
| Sign | Shopped | Not shopped |
|---|---|---|
| Market list | A written list of every insurer approached, with each one's answer and reason | "We checked the market" with no names |
| Number of quotes | Two or three, or one plus a written list of who said no and why | One, from the same insurer as last year |
| Rate explanation | Your payroll went up 12 percent, the insurer raised rates for your trade, or a claim added a surcharge | "Rates are up everywhere" |
| Timing | Proposal in your hands 2 to 4 weeks before expiration | Renewal invoice a few days before, or after, the expiration date |
| Coverage review | Notes on what changed in the wording and whether it still meets your contracts | Same policy, same wording, nothing checked |
| Your input | The broker asked for updated payroll and new jobs 60 to 90 days out | No one asked you anything |
What exactly should I ask for?
Send one email with four questions:
- Which insurers did you approach for my renewal, and what did each one say?
- Can I see every quote you received, including the ones you do not recommend?
- What caused the change in my premium?
- When did you start working on this renewal?
A no in writing, with a reason, is proof the broker actually asked, and it tells you what to fix before next year. See renewal season prep.
Why would a broker not shop my renewal?
- The account is small. Some brokers only shop above a certain premium and let the rest renew automatically.
- The insurer pays a bonus for keeping the business. That is legal, but it is a reason to ask.
- Narrow reach. The broker may only be able to get to one or two insurers for your trade. See whether all brokers reach the same companies.
- They shopped last year and nothing beat it. Fair, if they tell you and still check every second or third year.
What if my rate went up and nobody can tell me why?
Every rate change has a cause: your numbers changed (payroll, sales, vehicles, employees), your claims changed, the insurer changed its rates for your trade, or the wider market moved. Ask which one. If the answer is your claims, ask for the claims history report the insurer priced you on, called your loss runs, and check that every claim on it is really yours. Read what to do when your insurance goes up with no claims.
Is it too late to shop if the renewal is next week?
Usually not, though the options shrink. Standard insurers can often quote in two to five business days with a complete packet, and specialty insurers need longer. Let the current renewal go into force so you have no gap, then have a new broker shop the account over the next 60 days. Moving part way through the year is possible but rarely free: expect an early cancellation penalty or a minimum you owe on the policy you leave, and an audit on a workers comp policy you cancel early. Only a broker appointed with your insurer, and named on the policy, can service it. See how to change brokers without changing your insurer.
What this looks like in real life
Illustrative example. It is typical of what we see and is not a promise of how any specific situation would be handled.
The setup: A framing contractor in California with ten employees gets a renewal notice four days before it expires. General liability and workers comp together are up from $41,000 to $49,500, from the same insurer as the last three years. His payroll is flat and he has had no claims.
What went wrong: He asks his broker who was approached. The broker says the market is hard and this is a good result. No list, no other quotes, no reason for the 20 percent jump. He renews because he has four days.
What it cost: A second broker shops the account over the next six weeks and gets three quotes. The best is $42,800 with the same limits and wording. He moves part way through the year, pays about $1,100 in penalties for cancelling early, and still saves roughly $5,600 over the rest of it. Illustrative figures.
The fix: All four signs were missing: no list, one quote, no reason, four days notice. The 20 percent increase was his insurer's rate change for his trade, which three other insurers had not made. One question in writing 60 days out would have caught it.
Frequently asked questions
Q: How can I tell whether my broker actually shopped my renewal?
Ask for the list of insurers approached with each one's answer, copies of every quote, the reason your rate changed, and when the work started. A shopped renewal comes with all four, two to four weeks early.
Q: Is one quote at renewal always a bad sign?
Not always. Some trades and claims histories get only one taker. But one quote should come with a written list of who said no and why. One quote with no list means no one asked.
Q: Should my renewal be shopped every year?
The market should be checked every year, even if the policy does not move. Switching every year can hurt you, since some insurers reward long tenure. A good broker checks yearly and moves only when it pays.
Q: Can I ask to see the quotes my broker did not recommend?
Yes, and you should. Seeing the quotes that lost shows the broker did the work and lets you check the reasons. A broker who will not share them is telling you something.
Q: My renewal came in with no increase. Does that mean it was shopped?
No. A flat renewal can still be higher than what other insurers would charge. Ask for the list anyway. Flat is not the same as competitive.
Q: What if my broker says my account is too small to shop?
Then find a broker who does not think so. Small contractor accounts are shopped every day, often with one application sent to several insurers at once.
Q: Can a new broker shop my renewal if my current broker already submitted it?
Partly. Insurers your current broker already approached are usually held for that broker for 30 to 90 days. A company that said no, or that the first broker releases in writing, opens again. A new broker can still reach the ones nobody asked.
How Morrow helps
Morrow is a licensed independent commercial insurance brokerage that works with contractors and trades every day. Showing contractors the full list of who was asked, who quoted, and who said no, at every renewal, is how we prove the shopping happened.
- Free contract review. Send us the contract or bid documents and we mark up the insurance section in plain English, whether or not you buy anything from us.
- Free, instant certificates. Clients issue their own certificates of insurance online in about a minute, any hour, any day, at no charge.
- Markets you cannot reach online. One application, shopped across many insurance companies for general liability, workers comp, auto, umbrella, and pollution coverage.
One more thing. This article is general information and is not legal advice or a statement of coverage. Your contract and your policy wording control in every case. Requirements vary by customer, by state, and by insurance company, so have a licensed advisor review your own contract and your own policy before relying on any of it.
Last updated: Reviewed by the Morrow commercial lines team. Last updated September 2026.