How To Get Insurance For Your Business – Whether your grand opening is this weekend or was held last century, it’s important that your business gets all the exposure it needs. But you might say to yourself: “Isn’t insurance too expensive?” Our answer: “It shouldn’t be.”
Our independent insurance agents shop and compare policies from different carriers to find the perfect coverage for you. That means protection AND price. And since no two companies are the same, they’ll make sure your unique needs are locked, loaded, and ready for any occasion.
How To Get Insurance For Your Business
We are ready to help you simplify your search. But we can’t just say, “Will it be $5 a month, cash or check?” However, we can provide you with some basic information about business insurance rates and how they are calculated to get you started.
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The insurance company starts analyzing a list of different risk factors (eg size, location, etc.).
Each of these risk factors has an associated cost that is determined by looking at historical trends or analytical models (boy, this is where it gets really scientific). Then they start ticking off the relevant factors, add it all up, add a pinch of profit to taste and – voila – your bid is submitted.
NOTE: The cost of your coverage may change over time as the financial requirements to offer the plan may increase. Just keep your head up.
Business insurance is a contract between a company and an insurance company. This contract basically states that the company will pay its premiums and the insurance company will help replace, repair or return your company’s insured property if it is lost, stolen or damaged.
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Think you don’t need it? Think again. Insurance is important to protect your business from all kinds of bad things that happen almost every day, such as:
Owning a business can be rewarding, but it can also be a real challenge if you’re a little nervous. To ease your business worries, discuss your specific business needs with your agent. Here are some basics to consider before moving on to a more fine-tuned policy:
Simply put, the cost of your insurance will depend on what your business does and how much. Depending on the type of business you run, you may need to purchase several different types of additional cover (ie if your business has delivery vehicles, you’ll need to get commercial vehicle cover).
While there really isn’t an average cost of liability insurance for small and large businesses, we can look at some example scenarios.
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Comparing policies on your own can be difficult and demanding. This is where our agent comes in to save the day. They will know all the important things to consider when comparing prices.
An independent insurance agent can make your business life a lot easier. Because they are not tied to a single insurance company, they are free to shop, compare and put together all the pieces of the coverage puzzle for you.
We know what you want – quick and easy business insurance quotes in less than a minute. We understand that you need a little information, A-SAP. However, choosing supersonic speed can mean sacrificing accuracy, which can cost you in the end.
Online companies can leave out options that will save you serious money while leaving in factors that assume higher risk and calculate a more expensive policy.
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In addition, our competitors may also sell your valuable information to multiple companies, which may lead to a flood of spam voicemails from unknown numbers. We’ve taken the microphone and handed it to YOU, providing information and options for contacting an independent insurance agent when YOU are ready. As a small business owner, you are inherently responsible for the well-being of your employees and customers. Regardless of your industry, your business activities will affect the people around you.
Employees and customers can be considered stakeholders in your company. While this can be beneficial, it can also lead to expensive and serious problems. Business insurance protects your business financially from some of the potential business consequences associated with it.
In this post, we will discuss why business insurance is important. We’ll also outline five scenarios that warrant updating your business insurance.
There are many reasons why small business insurance is critical to the continued success of your business. The financial consequences of possible business interruptions can be severe. In some cases, accidents can destroy your business assets.
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Business insurance protects your business against many things. If customers or employees are injured as part of your business, you are covered. Or, if a natural disaster causes material damage, business insurance can also help.
However, it goes beyond that. In addition to protecting yourself and your assets, as a small business owner you also need to protect others. For example, if you offer catering services and a customer becomes ill after eating something you served, you are liable. Similarly, if you have drivers and one of them hits another vehicle, you will have to pay for all the damage caused.
Finally, there is another reason why business insurance is essential. Different types of business may require different types of business insurance. Some contracts require coverage as part of the terms. In addition, there are other types of insurance, such as workers’ compensation, that are required for almost all businesses in the United States.
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Even if you have business insurance, you will sometimes need to review and update your policies. These major changes to your business may seem routine, but they can have significant consequences if incidents occur.
It is important that your business insurance policies are up-to-date and accurate. If you don’t, your small business can easily become a liability if problems arise. Below are five of the most common events that trigger the need to renew business insurance policies.
Have you recently hired new employees? If so, they should probably be included in your comprehensive workers’ compensation policy. Most states require employers to extend insurance coverage to all employees. However, official laws may vary depending on the country in which you do business.
Service workers may face increased insurance needs when they land a “big fish” client. One great example of this is a small business specializing in IT networking. They may be awarded a large network installation contract to open a new big bank in their small town.
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The term of the contract may be a requirement to purchase something called a loyalty bond. This bond acts as collateral and provides a guarantee that the bank will be reimbursed if the employee steals from the bank.
Sometimes your small startup outgrows your humble home office. When you go from working at home to renting an office, it’s not just your address that changes, but a lot more. For example, you may need to obtain additional business liability insurance.
When moving into a rental property, the property owner may be required to purchase a certain amount of general liability insurance. Commercial property insurance may also be considered.
When you move, make sure the policies you choose include your new rental address. Also, make sure the cover will cover more expensive items you buy after you move.
Workers’ Compensation Insurance
Adding new services to your small business repertoire is an additional means of serving your customers. However, this is another channel for potential legal problems in the future.
Upset customers and clients can easily claim that they were offended by your company. Regardless of whether it is professional errors, poor quality workmanship or unfulfilled orders, complaints do happen. Ensuring your business is protected against these claims is critical and can be costly if left unchecked.
If your livelihood depends on your professional advice or services, you probably already have professional indemnity insurance. This type of policy covers legal fees in the event of a lawsuit due to poor service. Adding new services usually requires updating this policy.
Does your company own and operate vehicles? If so, then you are probably very familiar with commercial auto insurance policies. However, did you know that you may also need commercial insurance for your personal vehicles?
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Personal auto insurance policies may not protect you if you get into an accident while driving to work. This includes tasks such as running errands or traveling to and from meetings.
Check with insurance agents to see what is missing from your policy. They will let you know if you should get commercial coverage for your private vehicle.
Business insurance can be obtained through extensive internet research and due diligence. However, a much better option would be to talk to people in your industry. Ask for recommendations, who they use and who they recommend.
This is doubly true for industries such as hospitality or construction. In this case, it is extremely important to have broad and high-quality insurance coverage.
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Small business insurance rates will vary. If you find a broker who specializes in your industry, you are more likely to get the right cover at competitive prices. Additionally, brokers who specialize in your space will understand your business niche. They will understand too