There is no penalty I'm aware of for "switching" insurers but there are often penalties for terminating an insurance policy prior to its expiration date. The "penalty" is often 5-10% of the unearned premium. The unearned premium is the amount the insurance company would have charged you for the coverage from the date you are cancelling to the date coverage would have normally expired.
If you are "switching" insurers to achieve a significant premium savings or better coverage, the "penalty" should not be a major reason for delaying that decision.
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If you are "switching" insurers to achieve a significant premium savings or better coverage, the "penalty" should not be a major reason for delaying that decision.