While insurance coverage is not something business owners love to talk about, having the proper coverage is essential. Commercial insurance packages include plans such as property, general liability, and other optional policies bundled together under one plan to suit each of your business needs.
Without coverage, you could be responsible for medical expenses, legal fees and more. When looking for the right commercial insurance policy, here are some tips to help you.
- Get Professional Help
The internet makes it all too easy to go online, click a few buttons, and purchase an insurance policy. The problem is, the computer program that is building your policy, be it home, auto, or commercial doesn’t take your unique situation into consideration. Additionally, you may be tempted to click on the cheapest option on each screen, unaware of the vulnerabilities you could be creating to your personal assets by under-insuring your business. Commercial insurance claims can be massive, taking the time to find a reputable independent insurance agent and go over your situation could lead to massive savings if something does happen.
- Look Beyond the Premiums
A common mistake people make when comparing insurance policies is focusing solely upon the price of the policy. Even worse, some agents will offer plans with minimum coverage in order to offer you the lowest price. When you are in the market for commercial insurance, be sure to do a line by line comparison of the costs and coverage so that you are “comparing apples to apples”. You should also make sure that all of the policies offer enough coverage to protect you on your worst day. Hopefully it never comes but if it does, the little bit extra you paid monthly for the right policy will more than pay for itself.
- Get a Plan Customized to Your Business
A good insurance agent should take the time to gather important information about your business to ensure you are getting the coverage you need. While there many “bundle” options that may be a great fit for your business, understanding your risks, needs, and history is the best way to be certain. Jessica, at our Marion office would be happy to help you find the right coverage for your business when you are in the market.
- Ask about Reducing Your Policy the Right Way
Commercial insurance premium is usually calculated based on the risk levels. For instance, as compared to web-based businesses, retail store businesses normally have a higher risk level. If possible it’s important to make changes to your business to make it less risky. Inquire about your level of risk with your agent and ask what changes you can make to lower your risk level. This will get you a great policy and save you money.
- Compare Your Options with an Independent Agent
This is perhaps the most important tip. As a client, you need to take your time and compare your options. Just like car insurance, premiums usually vary from one company to another. You, therefore, need to compare premiums, customization options, and coverage levels to choose the right one for your commercial needs.
As a business owner, you know that you need business insurance. Reach out to a professional to find the policy that your business needs. You just may find that your agent can not only help you lower your premium, but lower the risk to your business.