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 on Help Smart Phone and MEL Magazine.

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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, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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good company for business insurance

A good company for business insurance offers a comprehensive array of policies, competitive pricing, and excellent customer service. You should take the time to compare insurance policies before you choose one, because your business may depend on the decision you make.

Business Insurance Options

Most businesses need several types of coverage, which may be offered on separate policies. Depending on the size of your business and the scope of your operations, your business may not need all of the following coverages:

  • Commercial Vehicle Insurance – Whether your company has a fleet of trucks or just one auto for sales, commercial vehicle insurance protects your property while also shielding your company from lawsuits.
  • Professional Liability Insurance – Lawsuits can tie you up in court and drain your investment in a matter of weeks. Professional liability insurance protects the business and its owners from lawsuits due to negligence claims.
  • Property Insurance – If you have a business loan, your financial institution may require you carry property insurance to protect their investment. Whether required or not, you need to protect your company’s buildings and equipment from weather hazards and fire if you want the company to survive an event.
  • Business Interruption Insurance – Even when your physical assets are insured, that will not always be enough to keep your business alive following a disaster. Business interruption insurance provides the funds your company may need to survive if unable to resume production immediately.
  • Workers Compensation – If you have employees, you may be required by law to provide workers compensation for them.
  • Health, Disability, and Life Insurance – You may want to provide benefits to yourself and your employees. Health, disability, and life insurance will offer the peace of mind everyone needs.
  • BOP – This is a special package, unique to each insurance provider, that provides small businesses with several of the coverages they need in one policy. A BOP is often specific to a particular industry and may be all a business needs in the beginning if it does supply all the right coverages.

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Policies

When choosing a policy, it is important to understand the coverages provided. Just because one company uses the same name for a coverage, does not mean you can trust they mean the same things. Taking the time to review the coverage in each policy will help prevent misunderstandings that create future losses for your business.

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Competitive Pricing

Many companies begin their search for a company for business insurance by comparing pricing. Armed with a list of coverages they need, they can begin soliciting quotes from a variety of insurers. Your company may benefit from the flexibility of buying different coverages from different companies if that provides the best pricing option, but be sure to ask about discounts for multiple coverages.

Some insurance companies offer discounts for combining your coverages. As with any insurance purchase, be certain the bundled policies provide the same coverage as the policies purchased separately.

Excellent Customer Service

Once you feel you have found a good company for business insurance based on pricing and policies, you should research the insurer’s customer service history. Online reviews can tip you off to companies that will make it hard for you to get answers or file claims.

Customer service is not an option you should forgo lightly. If you do not feel comfortable asking questions of the customer service representatives, you may not be able to make the correct, informed decisions for your business. You might end up with the wrong coverage simply because someone treated you abruptly.

When it comes time to file a claim, you want to deal with a professional organization that can help you resolve your crisis as quickly as possible. Business owners need to make many critical decisions in the wake of an accident or disaster, and they depend the support of a company that stands behind them in good times and bad.

Bad customer service during difficult times could kill your business if you do not get the answers and resources you need on a timely basis.

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What Is a Good Company for Business Insurance?

Here is a good plan to find the right business insurance provider for your company.

1. Take a moment to list the coverages you will need for your business.
2. Compare rates for these coverages online to get a feel for what is offered.
3. Research the rating and customer service of the companies that interest you most.

Business Insurance Can Save Your Business

With the right coverage, mishaps can be minor setbacks rather than bankruptcy claims. It only takes one lawsuit to tie a company in knots for years. Business insurance takes this worry off your shoulders and places it in the hands of your insurer.

Once you choose a good company for business insurance, you can get back to running your business knowing that your company is fully protected.