Every business owner must juggle the multiple demands on their time and attention. With all the details you must attend to, you should never forget to purchase business insurance. Insurance can protect you and your company from financial liability in the case of an accident. Here are four things you should do when selecting business insurance to cover your company:
1. Find out what type of business insurance you need.
All businesses need a basic level of liability insurance. This will protect you and your business in the event that someone sues you for an accident or injury that occurs on your property or because of your business. However, most businesses will also benefit from more extensive coverage. If you or any of your employees drive as part of normal business operation, you should purchase commercial auto insurance.
2. Weigh your budget concerns against your likelihood of needing certain types of coverage.
Greater levels of coverage will offer you more protection and funds if you end up needing your insurance. However, policies with higher coverage limits also cost more each month. When choosing a policy, weigh both concerns equally. You should choose a business insurance policy that's within your budget while still ensuring you will be protected. For instance, if your business is located in an area with many storms and high rainfall, you should probably purchase flood insurance for your business, even if it costs you extra money.
3. Find out how to make a claim.
You should learn the claims process before you need to utilize it. Spend some time familiarizing yourself with your insurance policy before a disaster arises. Find out if you need to submit claims by mail, or if a simple phone call will suffice. The claims process should be thoroughly outlined in your policy. Read it carefully rather than skimming it so you will be well-prepared. Your insurance agent can help you figure out the process if you need help.
4. Ask any relevant questions.
You should make it a point to ask any relevant question before committing to an insurance policy. If you work in a highly specialized industry with specific concerns, you may want to ask your insurance salesman if their company has experience dealing with businesses like yours. Remember that you can still ask questions after you've already purchased a policy. If you need clarification regarding a certain aspect of your insurance, you shouldn't hesitate to call your insurance representative during business hours.Share