Outdated Contracts Are Costing You

Take Control and Update Them Annually

Recently, I was speaking with another agency owner who mentioned they were being paid very little by a client—and that their rates hadn’t changed in years. I asked when they last signed a contract with that client. Their answer? About four years ago.

That was a red flag.

Contracts should be reviewed at least annually, and pricing and contract language should be renegotiated as part of that process. While some clients will proactively send updated contracts each year, many will not—and it is our responsibility as agency owners to request them.

This industry is constantly evolving. Legal requirements change, operational risks shift, and costs increase. When contracts aren’t updated, it’s not just your pricing that’s outdated—the language protecting your business is too.

If you’re assuming clients will voluntarily offer price increases or revise contract wording in your favor, think again. That rarely happens.

So, pull out those contracts and get to work.

If you’re a member of Allied Finance Adjusters, take advantage of one of your benefits: you can send contracts to [email protected] for review by Machelle Morris, our in-house attorney, at no additional cost before signing.

Protect your business. Know your worth. Review your contracts.