No tricks, just treats, (and no surprises!) with our Net Revenue Tracker.
As the end of October rolls around, you might be stocking your home with candy. Maybe you’re hoping to leave the office early on Halloween to take your own children trick-or-treating Friday afternoon.
But an eerie deadline looms for all insurance brokers: end-of-year renewals.
New Business Leads to Recurring Business – And Renewal Headaches
Most insurance policies renew at the end of the year. This puts brokers in a rush not only to sign new business to meet end-of-year sales goals and minimum requirements, but to ensure all renewals process correctly.
This is especially crucial now, in New York, since the state now prohibits carriers from backdating NYS DBL policies. Policy premiums must be paid at the time of renewal, or carriers can cancel inactive or delinquent policies.
Since DBL is a required benefit in NY, employers who don’t provide it to their qualifying workers can face steep fines and penalties.
But you can avoid the end-of-year rush to renew policies and write new business by selling new DBL and ancillary benefits policies year-round.
Stagger Renewal Dates
There’s absolutely no reason to wait until December for an employer to move from the state plan to a private DBL policy or to switch their insurance carrier or the broker they work with.
Staggering renewal dates across all four quarters can help improve your cash flow with a steady stream of commissions year-round.
It may also save your clients money and provide a more comprehensive benefits package. If they’re privatizing DBL for cost savings and better service, why wait?
Help your clients save as much as 25% on statutory disability insurance, and roll that cost savings into other employee benefits, like vision, dental, or Group Life / AD&D.
Plus, you can avoid the end-of-year rush.
Let Our Broker Dashboard: Net Revenue Tracker Help
Our Broker Dashboard: Net Revenue Tracker sends push notifications, emails, and bi-weekly summaries of policies that are set to cancel or up for renewal.
As we’ve said previously, The DBL Center is your back-office staff and also your bill collector for policies due for renewal. Let us help you collect payments so your clients can avoid policy cancellations and non-compliance fines and you can receive the commissions you deserve.
You don’t have to dread October 31, with just two months until the end of the year and a pile of policies needing attention.
If you plan for 2026 with an eye on staggering renewals and you use our Broker Dashboard: Net Revenue Tracker to help you track cancellations and renewals, the only scares you’ll experience next Halloween are the monsters and ghosts at your door in search of candy.
FAQs
What is the penalty for not having disability insurance in NY?
New York State employers must provide short-term disability to their employees in New York. If they don’t offer this benefit, it’s considered a misdemeanor. The Workers Compensation board can impose a penalty not in excess of 1/2 of one percent of the employer’s payroll during the period of noncompliance.
Additionally, the employer can face fines up to $500 for each noncompliance period, or up to one year imprisonment for the first offense, or both. Additional violations lead to larger fines: $250 to $1,250 for the second violation within five years, and fines of up to $2,500 for a third offense.
Are employers required to provide disability in NY?
Employers are required to provide short-term disability and Paid Family Leave insurance to all qualified employees in New York. Failure to comply can result in fines and jail time for the business owner or the president, secretary, and treasurer of a corporation. Leaders in these positions may be held personally liable for non-compliance, according to the Worker’s Compensation Board.
