You probably already know that business insurance is essential for protecting your company and you as an individual business owner. But, did you know that there are many types of commercial insurance that protect your business in different ways?
If you’re not careful, you could overpay for your insurance coverage you don’t need or sign up for plans that don’t give you the coverage you need to be fully protected.
To make sure your business has what it needs to protect your investment and personal assets, go through the following steps of business insurance planning.
1. Know the Different Types of Business Insurance
There are certain forms of insurance coverage every business needs. These policies are built into almost any business insurance plan, but you may find a company that tries to offer piecemeal coverage that doesn’t include everything you need.
Talk to a professional to make sure you have the type of business insurance your business requires such as:
- Workers Compensation Insurance that covers employee medical expenses, lost income, and benefits to heirs in the event of an injury.
- Property Insurance that protects your buildings and their contents from fires, theft, etc.
- General Liability Coverage that pays for damage your company causes to other people or their property.
The need for these options is not only plausible, but also likely. If a tornado hits your business, you need to be covered. If a sign falls and hurts both an employee and customer, you need to take care of both parties.
2. Assess Any Special Circumstances You Might Have
Along with the business basics, your company should look at any special issues or problems you might encounter that would need to be insured. Fleet or commercial automobiles insurance is a common example of this for companies that provide cars for workers to do their jobs.
Consider adding special coverage if you’re not sure that your basic policies will cover it.
3. Review Quotes from Multiple Insurance Providers
There are so many business owners out there who buy insurance from the first or second provider they talk to. As a result, they have very little to compare their cost and coverage to and have no idea whether or not they’re getting a good deal.
When you shop for business insurance, look for a partner who can give you quotes from various providers to get the best deal. At Oracle Insurance, we work with dozens of insurance providers to make sure you get the best rates possible.
4. Look for Package Offerings or Niche Policies
Your best bet might be working with companies that specialize in your insurance needs. Along with finding the right provider, you need the right package. Look for commercial insurance policies that reward you for combining different forms of coverage instead of charging you a la carte for each.
5. Evaluate Your Insurance Needs Regularly
If all goes well, your business will continue to grow over the next few years. A policy that works for you now might be too small in the near future. If you opt for one insurance plan and never evaluate it, you could be undercovered in the event of a lawsuit.
Review your insurance needs annually. You may not need to change plans or providers, but you do need to make sure you’re protected when facing a crisis.
Need Help with Business Insurance Planning?
Don’t get stuck in a bad situation without the right type of business insurance.
Contact Oracle Insurance today for a business insurance consultation and quote on a plan that will meet your company’s unique needs.