Just as it is important to obtain insurance coverage when you own a house or a car, it is equally important to protect your business.
If you are the owner of a company of any size, it is highly recommended that you speak with an independent business insurance agent in order to find out about the types of coverage that are available to you, and to help decide which ones are right for you. This is a decision that should not be rushed, as shopping around will help you to make certain that you’ve chosen the right policy, with the correct insurer, and for the best price.
Every business has its own unique needs, so there won’t be one policy that is right for every company. It is important to give each element of coverage its own due consideration to make sure that you won’t have too little coverage, but that you also won’t be paying any more than is necessary.
Once you do purchase a business insurance policy, it is also recommended that you give it a review twice per year. This allows you to make any necessary changes quickly, before the time comes that you need to make a claim or that you find out that you have been paying too much for several months – or even years.
Review your policy with your insurance agent and ask questions to see what coverages you should place specific focus on. Here are a list of the main commercial coverages you should be aware of:
• Liability insurance – likely the most important portion of your policy
• Disability insurance
• Fire insurance – for commercial building, property and inventory
• Auto insurance – if the vehicle is used for business purposes
• Workers’ compensation insurance
• Business interruption insurance
• Credit protection and cyber liability insurance
• Theft/burglary/robbery insurance
• Items rented to others or hired auto coverage
• Errors and Omissions or sometimes referred to as professional liability
Also, small group health insurance is important too. While doing your research make sure to include a review of supplemental health insurance plans. Many businesses are implementing higher deductibles to save money and have replaced the coverage gap with these options. Ask your commercial insurance agent if this can work for you.