Step Two: Look For a Business Insurance Company
After you’ve determined possible risks and have an idea of what should be insured in your business, look for a business insurance company through the National Federation of the Independent Business. A business insurance company will be able to help you further assess your business’ risks and find a policy that best suits your business.
Both coverage and cost can vary greatly between business insurance companies. Additionally, some companies specialize in insurances for specific businesses. Specialist brokers can usually help you find the best possible coverage for your business at the best price. It is usually recommended for business owners to pick two to three business insurance companies they are interested in and contact them.
Step Three: Prepare for Consultation
Once you’ve found a handful of business insurance companies that you might want to purchase insurance from, call in and set up a consultation with the company. Before going into the consultation, however, you will need to prepare.
You can prepare for your consultation by finding your company’s profits and expenses, the number of employees you have, the type of company you own, as well as the risks, liabilities, and property information of your company.
Additionally, you may want to ask the business insurance company what kind of other information they require for an assessment when you’re setting up a consultation with them.
Step Four: Consulting with the Insurance Company
There are several things that you may want to bring up during your consultation with the business insurance company of your choosing. For example, you might want to talk about what could occur if you lost part of your business. This could be if a location was damaged due to fire or other natural disasters and what kind of coverage could replace the building or protect your business. As well, ask about insurance policies that can replace your equipment at full price, not at a decreased value.
It is also important to talk about Worker’s Compensation insurance. This will help protect your business from potential lawsuits in the case that an employee is hurt working for you.
Additionally, you may want to look at coverage that includes group life insurance, health insurance, and disability insurance for the employees working at your companies. Usually, business insurance companies cover some, if not most, of these costs.
Step Five: Review you Insurance Annually
Once you’ve decided and purchased your business insurance, it is important to review it annually. This is because as your business expands, the number of risks and liabilities of your business also grows. Also, as you increase operations or buy new equipment for your company, you will need to contact your insurance business company to review and/or renew your coverage.
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