Accessibility Tools

Get the Most from a Commercial Insurance Policy

Get the Most from a Commercial Insurance Policy

Small business owners are constantly implementing innovative ways to increase productivity, revenue, and reviews. With so much energy dedicated to promoting the success of the business, seldom is time spent thinking about the insurance side. Businesses face inherent risk regardless of size, location, and company size. In an instant, random occurrences can damage or destroy a business. A business insurance policy can help entrepreneurs recover, yet differences in coverage, service, and rates leave many confused where to begin. Before sourcing a business insurance policy or switching insurance carriers, get to know these tips for finding the right business insurance policy.

Business Insurance Basics

Small businesses range across the board which means the same insurance policy for one business will likely be a poor match for the next. The right policy for your small business is one crafted to suit the specific needs of your organization. Some types of insurance may be automatically required such as unemployment and workers’ compensation, while others are voluntary. A number of additional options are available to help bolster an insurance policy; here’s a breakdown:

  • Liability Insurance. Business owners assume a great deal of liability, including entrepreneurs operating from the security of their home. Liability insurance can protect from claims resulting from persons injured on the business premises, damage resulting from advertising, medical and legal costs, and more.
  • Commercial Auto Insurance. Companies that operate vehicles require commercial auto insurance. Commercial auto insurance is necessary any time an employee utilizes a vehicle for a commercial purpose. This can include personal, company-owned, rented, leased, or otherwise appropriated vehicles. Cyber insurance must be in place any time an employee is behind the wheel.
  • Cyber Insurance. The latest in commercial insurance, cyber insurance may be a match for your company. Cyber insurance can help protect businesses in case of lost customer data or malicious cyber attack. Attacks in cyberspace can have devastating effects on equipment and may lead to interruptions in operating. Cyber insurance can replace revenue for interruptions caused by cyber activity.
  • Business Interruption Insurance. Business interruption insurance ensures companies can continue to earn following a disruption. Natural disasters, accidents, deliberate actions and more threaten to interrupt revenue. Employee salaries, loans, and more can become daunting without the means to pay them. With business interruption insurance, the insurance company will compensate for lost revenue while the business gets back on its feet.
  • Errors and Omissions Insurance. Entrepreneurs working with details may want to add errors and omissions insurance protection to a commercial policy. For professionals offering services or advice, a small oversight can have big consequences. This insurance helps protect entrepreneurs in case of accidental errors or omissions resulting in damages.

Getting More

A Business Owner Policy (referred to as a BOP) is a means of bundling commercial insurance policy options into a single policy. Other discounts may be available. Speak to an agent about saving with a BOP and other ways to save on commercial insurance.

A commercial insurance agent can help locate gaps in protection to ensure your business is prepared for anything. There are many layers to commercial insurance policies. Speak to an agent for information on comparing policies, quotes, and insurance options. An agent can help uncover more ways to save on insurance and will help your business remain current with coverage and discount opportunities.

The cheapest insurance policy may be attractive in cost, yet lacking in protection. Compare quotes for coverage, service, deductibles and more. Small businesses are in a steady state of evolution. The same policy from last year may be insufficient moving forward. Perform annual reviews of insurance policies to ensure adequate coverage and maximum savings.

For more information on getting the most from a commercial insurance policy, speak to an agent. Agents are ready to help with quotes for rates, answer questions about coverage, and help with other insurance needs. Make sure to visit often for more information on getting the most out of your insurance policy.

The Basics of Business Insurance

The Basics of Business Insurance

Entrepreneurs have a lot to think about. It’s understandable if some have yet to obtain adequate commercial insurance for their small business. Some may grab policies off the shelf, while others may lack coverage completely. Businesses are subject to many of the same risks as homes and much more atop that. Protecting a business with commercial insurance helps preserve revenue, owner credit, and the hard work placed into creating an enterprise.

Whether it’s time to purchase a commercial policy or you’re looking to compare rates, you can help match the right policy to your business. When purchasing commercial insurance, here are 5 things to keep in mind.

Take Inventory of Risks

Small businesses are unique. The same insurance policy for a dry cleaning operation would be a poor match for a bakery. Look at your business the way an insurance agent might and find where protection may be necessary. An agent can help, and be sure to remember enough liability protection.

Insurance companies take more than location into thought when determining overall risk. Entrepreneur credit, claims history, and more may affect the decision. Premiums are, in turn, affected by risk factors and may be higher or lower depending on carrier and policy options. A policy created to address the needs of a specific business, with deductibles set at an appropriate rate, will help entrepreneurs save on insurance costs, and better respond to damages.

Bundle Insurance with a BOP

Commercial insurance policies are often bundled into what’s referred to as a Business Owner Policy, or BOP for short. Combining multiple insurance protections through a single carrier can save money. With discounts for bundling, gain access to improved insurance policy options for reduced annual rates.

Compare Insurance Policies and Rates

Commercial insurance is an ongoing obligation. Overpaying for insurance will add up over time. Hesitate from leaping at the first insurance quote and shop around. Policies, options, customer service and more will vary greatly both by the insurance carrier and by the insurance agency. Insurance companies compete for customers and may offer extra discounts or incentives. An independent insurance broker can help with objective advice on obtaining the best policy.

Find the Right Insurance Agent

There’s more to obtaining commercial insurance than finding a cheap policy. For claims, having a personal insurance agent familiar with you and your business can make all the difference. The right insurance agent will create a policy based on your business, find the best rates available through reputable carriers, and be there when needed.

Revisit Insurance Coverage Annually

As businesses grow, so do insurance obligations. Launching products, starting advertising campaigns, and bringing new people into the fold adds liability and more. Meet with an agent at least once per year to look over insurance coverage for gaps. Staying proactive with commercial insurance helps with responding to damages. It’s always a good time to think about protecting livelihood and investment.

Have questions about commercial or other insurance policies? Call today and speak to an agent.

Getting Started with Business Insurance

Getting Started with Business Insurance

Businesses are subject to many of the same insurance risks as homes, and then some. Following a mishap, some business owners are surprised to find their small business insurance policies are inadequate. Studies show a number of small businesses carry insurance policies lacking complete coverage. The kicker is that often, the business owners find out only after filing a claim, leaving costs up to them.

Looking at a city street, a small business can mean anything from a cafe to a boutique, to a bottle shop and much more. Tailoring an insurance policy for the right coverage while excluding the rest pays off. Insurance is a many-layered cake. To get the best insurance coverage it’s recommended you speak to an agent but in the meantime, knowing the basics of business insurance can pay dividends.

Understanding the Risks

The list of potential insurance risks for a small business is lengthy. The type of business, location, and so much more affect risks businesses face. For some businesses, there are specific insurance requirements mandated by law. For others, the potential for risks calls for additional insurance protection. The same insurance policy for a bakery will be an awkward match for a yoga studio. The right insurance coverage will be ready to respond, should a claim occur.

Tailoring an insurance policy, factors which may affect levels of coverage include:

  • Food and beverage service
  • Customer presence
  • Pollution footprint
  • Public advertising
  • Transportation risks and more.

An entrepreneur knows their business best. For questions about coverage, ask. An agent can help determine gaps in coverage and create bridges with comprehensive insurance. Preparation ahead of time helps secure a net of protection, allowing business to continue unhindered in case of claims.

Getting a Business Insured

Ask 4 people for the right time to get business insurance and you may receive 5 different answers. Many entrepreneurs are unsure on the right time to get insurance while starting, or making changes to a business. The most common times to start, bolster, or change a business insurance policy include:

  • Launching a business. Before opening the doors, obtaining adequate insurance is an important part of launching a business. From home-based operations to retail storefronts, insurance helps protect the owner and community from the unexpected. It may be possible to bundle several types of coverage into a single policy for additional savings and ease of management.
  • Renting Space. Leasing a physical space adds insurance requirements and compounds risks. Often, property agents want proof of insurance before signing a lease. Prepare with the right policy beforehand.
  • Adding staff. Managing staff and volunteers can add to insurance demands. Beyond liability protection health, disability, and other insurance options are available. Speak to an agent and be ready to add to the team.
  • Announcing new products. New products can create risks for consumers, as well as their accompanying advertisements. Before launch day, check with an insurance agent.
  • Implementing a Board. Utilizing a board of directors is necessary for some companies and a choice for others. Directors help steer the direction of companies and organizations, yet they are human after all. If a director errs in their decision making, Directors and Officers Insurance can mitigate any legal fallout.

The best time to review an insurance policy is before it’s needed. Get protection early and respond to changes with the help of an experienced insurance agent. A local agent can help identify risks unique to the area, and help uncover risks specific to a small business or industry. Always keep insurance policy documents secure and readily accessible. For more on commercial insurance protection for small businesses, or for answers to insurance questions, call an agent today.