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How to choose a business insurance provider?

Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella...

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Reviewed byDaniel Walker
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UPDATED: Mar 19, 2020

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choose a business insurance providerIf you seek a business insurance provider, you will find you have many options online. Take some time to compare your options. On the surface, all the providers may look the same, but subtle differences might cost you a fortune.

Begin your search by entering your zip code above. Save time and money by comparing business insurance quotes from all the top insurance companies!

Why You Need Business Insurance

Business insurance protects your company from losses that could cost you your business, or in some cases, cost you your personal assets.

  • If you have a business loan, your financial institution may require certain coverages.
  • If you have not yet incorporated, you may want to protect your personal assets.
  • If customers visit your premises, you will want liability insurance in case they are injured on site.
  • If you employ others, you will need workman’s compensation coverage.

There are many different types of business insurance policies that cover separate aspects of your property and liability. Some insurance providers offer a business owner’s policy (BOP) that may have all the coverage you need. You will want to be certain you understand everything that is covered, and everything that is not covered, in particular policies before you choose your business insurance provider.

Price

price of business insurance

Many business insurance shoppers like to compare insurance policies on price. While price should certainly be a factor, you must be certain the prices you compare are for the exact same types of coverage. A lower price may indicate lower coverage, an omission you do not want to discover when you have to make a claim.

You will also want to consider the reputation and customer service ratings of a business insurance provider before you you commit. When you need to make a claim, you want to be sure you have a company that will pay on a timely basis.

Coverage

Comparing business insurance policies is a matter of understanding your needs and the specific coverage each policy offers.

A business may need some or all of the following:

  • Business Interruption Insurance – to protect against work stoppage due to disaster.
  • Commercial Auto Insurance – to protect any company-owned vehicles.
  • Health, Disability, and Life Insurance – for employees and owners.
  • Professional Liability Insurance – to protect owners from lawsuits.
  • Property Insurance – to protect the company’s buildings and equipment.
  • BOP – a special package of coverage, often available to specific industries.

Before comparing the pricing on the various policies, make sure you understand what each policy covers. Some insurers will offer you a lower-priced policy that omits coverage that a higher-priced policy includes. A BOP plan may not include coverage specific to your company’s needs, so you need to be sure you understand everything covered. You may need to add other policies to a BOP to get full coverage for your business.

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Service

Customer service matters when choosing an insurance provider. A good insurer will help you understand your business needs so you are not left high and dry without enough coverage following an event. When you have a crisis, you need to know where you stand immediately so you can act appropriately. A good insurer will respond to your inquiries quickly, so you are able to make necessary decisions on a timely basis.

Many insurance companies are eager and attentive when making a sale, but not so responsive when resolving a claim. Compare reviews of insurers to learn whether there are customer service issues. One bad review may be an unhappy person or competitor, but several bad reviews could indicate a problem.

Ratings

Ratings let you know how other organizations view an insurance company. If a company has low ratings, this might indicate that they may not have the financial resources to settle claims, or they have a history of being slow payers.

How to Choose a Business Insurance Provider?

1. Make a list of the coverages you will need.
2. Compare rates from several insurance companies for these coverages.
3. Double check the reputation of the company that looks most attractive.

Once you have settled on a provider, you will find you can rest easier at night. Running a business takes a lot of effort, and there are so many things outside your control:

* Hurricanes
* Tornadoes
* Fires
* Bad Drivers
* Clumsy Customers

It only takes one disastrous lawsuit to bring all your hard work to a standstill. Knowing you have coverage and a reputable insurance company to represent you will bring peace of mind. With less to worry about, you can focus on building your business and providing your best to your customers and employees.

Start Comparing Rates Now

Learn what business insurance will cost and start comparing policies. The sooner you begin your research, the better armed you will be with the knowledge you need to choose your business insurance provider. Business insurance is necessary for the security of your business.

Enter your zip code below to compare free business insurance quotes from all the major insurance companies in the nation!

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