You know you need business insurance. Use this guide to help you get started.
Your business faces plenty of threats, from fire and fraud to dishonest employees and discontented customers. Yet, many businesses lack coverage in some of the most critical areas. To refrain from putting your company in undue stress and exposure, shopping for the right business insurance is a must.
Here are some easy ways to get started.
Do your homework. Find out what risks your business faces, how much your equipment and machinery totals, and note your total business earnings. The more information that you can provide to your insurance agent, the better. He or she will be able to then determine what coverage you may need as well as suggested limits. For example, if you conduct business primarily online, you may need Cyber Liability Insurance coverage, a coverage that has never crossed your mind. If you work in a particularly sensitive industry, you may need Errors and Omissions Insurance coverage.
Search for insurers. Believe it or not, but no two business insurance policies are created equal. Similarly, different insurers won’t offer the same policy at the same rate. Ask for quotes from at least three different insurers and call them up to get a feel for their assistance and processes. Better yet take to the Internet to research reviews and ratings.
Know what is and is not covered. Your insurer will go through your chosen policy, outlining what coverage you have purchased. While this is important, it’s just as important to know what is not covered. For example, your business insurance may not cover flood or earthquake damage, indicating that you should add these policies.
For the protection that you need, visit Chambers & Company Insurance Brokers today. Our professionals are ready to help you secure reliable commercial insurance for your business, whatever your exposures and industry!