Everyone is familiar with home and auto insurance, but not everyone knows much about business insurance. From workplace accidents to forces of nature, business insurance protects your company against various risks involved with running a business. However, in these difficult economic times, insurance can be expensive. To save with discount business insurance, shop around for the best rates and available discounts.
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Types of Business Insurance Coverage
- General liability – This type of insurance protects businesses against property damage, bodily injury claims, negligence, manufacturing errors, and other common workplace claims. This type of policy can also cover legal fees and costs for any claims specifically covered by this type of insurance.
- Key person – This type of business insurance is valuable when a company has one person or partner absolutely essential to its financial health. If the key person experiences a disability or death, benefits are then paid to the remaining owners to pay for legitimate business expenses.
- Product liability – This coverage protects a business against damage, injury, or death due to a faulty product. For a manufacturing business, this is a necessity.
- Professional liability – This type of coverage is similar to product liability coverage, though it covers professional services instead of products. Malpractice insurance is a good example of this type of coverage.
- Business owners policy (BOP) – This policy brings together several different types of business insurance into a comprehensive package and is a good choice for smaller businesses. These policies can often be customized to fit specific businesses which allows owners to save money while still covering pertinent risks and assets.
Shop Around For the Best Insurance
As with any other type of insurance coverage, it is important to shop around. Comparison shopping allows you to locate the best prices and the best policies for your business. Though low cost and discounts are important, price isn’t everything. You also want to get the best policy for your business.
Too little coverage can be financially devastating, while too much unneeded coverage is like throwing money down a drain. Though discounted insurance will save money, cheap insurance may be a risk. Paying a low price for less coverage is more of a gamble than a discount!
How to Comparison Shop
- Work with your insurance agent or broker
- Call or visit various insurance carriers or agents in your area.
- Use the Internet for fast insurance quotes.
If you work with an insurance broker or agent, it is a wise choice to let them help you determine what types of policies you need and which carrier has the best rates. Your broker or agent will have access to a wide range of companies and may have valuable information and advice on your insurance needs.
You can also call or visit various local companies or agencies to obtain quotes on different types of business insurance. However, this method can be very time consuming. You may also have to sit through several different sales speeches; not the best use of a business owners time.
Online Comparison Shopping is Fast and Convenient
The best way to start the quote process is online, where you can compare free business insurance quotes from many different insurance carriers. In
a matter of minutes, you can have several different quotes at your fingertips. Nothing beats the ease and convenience of the Internet!
When you comparison shop, don’t just look at the price; read the details of the policies and coverage amounts. You should also comparison shop at least four companies to get a good idea of variations in price for similar policies; having more quotes will allow you to make a more informed decision.
Which Business Insurance Policy is the Right One?
Before you sign on the dotted line, make sure to read and review the policy. The policy should cover all the right people.
- Does it cover partners, employees, independent contractors, and others who may be liable under your business name?
- Does it cover common losses in your business? (For example, if you are a plumber your policy should cover water damage.)
- Are the policy deductible amounts reasonable for your company‘s financial situation?
Here are some important steps to take when buying business insurance:
- Make an assessment of the hazards and risks involved in your business.
- Review the possibility of your business continuing after a fire or the death or departure of key personnel.
- Decide on the types of policies needed to best protect your business.
- Decide on the levels of coverage for each risk and value equipment owned or leased by your business.
- Check for discount insurance through and business memberships and trade associations – they may have discounts or group rates that significantly lower your costs.
- Comparison shop. Get quotes from different companies, for different policies, for different amounts of coverage, and for policies with different deductible amounts.
- Before signing the policy, make sure it matches exactly with what you agreed upon.
Business Insurance Protects You When Things Go Wrong
Unfortunately, bad things happen to good people, and they also happen to conscientious and dedicated business owners. If one of your drivers crashes into another vehicle while driving around a client, you need insurance. If your business is damaged by fire, or is a victim of theft, business insurance will protect you.
If someone is injured on your premises or hurt by one of your products, business insurance will cover you. If you fire an employee for tardiness and insubordination, your business insurance policy will help protect you in case of a lawsuit. No matter how safety and security conscious you are, unexpected accidents or events happen. That’s why you need business insurance.
Whether you own a one-person service business or a large manufacturing firm, business insurance is essential. Because business insurance can be expensive, it is important to shop around for discounts.
To get the best quotes and rates, use the Internet to comparison shop. You’ll sleep better at night knowing you are fully protected in case bad things happen to good business owners.
Compare quotes and find the best rates available by entering your zip code below!