While there are a multitude of business-insurance related products out in the marketplace, not all of them will make sense for your business.
No matter the industry of your business or the size of your company, some things remain constant:
- Insure Your Property
Determine what is your property—buildings, vehicles, furniture, etc.—and the value of those items. An insurance professional can help to determine the appropriate amount of property protection you should carry on a policy and can help you determine replacement value versus actual cash value.
- Insure Your Employees
Unfortunately, many things can go wrong in the workplace. To properly prepare yourself for the unforeseeable, discuss with an insurance expert the range of employee-type insurance policies that make sense for your business. Some types of insurance products include workers' compensation coverage to insure against injury in the workplace to employment dishonesty to protect you from mishaps and dishonesty with individuals you employ.
- Insure your Liability
Even with proper planning and cautious protocols, sometimes things just go wrong. An insurance professional will help to determine the appropriate type of coverage to protect your business from individuals or entities that may look to bring suit against you. Most companies, at minimum, must carry a general liability policy, but keep in mind, there are plenty of other ancillary products to safeguard against these liability-related circumstances, including errors or omissions or coverage for your products.
And, since we're on the subject, when you're ready to shop for business insurance, it may be a good time to re-visit your personal insurance needs, too. Business owners could often benefit from taking advantage of supplementing their personal insurance policies with coverage such as personal umbrella policies or separate life insurance policies.
If you've been in business for some time and are thinking about shopping your insurance, keep in mind that the key to receiving adequate, comprehensive policy quotes is to market your business in an attractive light. Be prepared to have five years of claims history and start your comparison shopping early—at least 30 to 60 days ahead of renewal date.
A professional insurance agent can help you assess your specific needs. Remember to approach this exercise intending to create a complete picture of your business so that an insurance agent can truly understand your business and its needs.
To find out how much commercial insurance your business needs, contact SWBC today! One of our licensed agents can help you get the right commercial insurance policy for the best value.