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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Find business insurance for a new company

Starting a new business is an exciting time. It may be the fulfillment of a life-long dream or an attempt to secure your family’s future.

It can also be a hectic time filled with innumerable ‘must dos’; from securing the right staff and deciding on the appropriate marketing strategy to ensuring the plumbing works properly in your new suite of offices.

One thing that should be very high on your ‘must do’ list is getting the right business insurance. With a little research and guidance you can find the perfect insurance coverage at the right price.

Start comparing business insurance quotes now by entering your zip code into the quote box above!

Finding Proper Coverage

Finding business insurance is relatively easy. All business owners need do is surf the internet. The options are endless. Businesses can find an agent, broker or company and explore the policies they have available. It helps, however, if the business owners know exactly what type of coverage is right for their business.

It is important the policy cover the essential components of the business. Machinery, technology and personnel essential to the smooth running of the business must be adequately covered. The building or suites the business is located in must also be covered in case of fire, break-ins or acts of nature. Businesses must consider all these things before choosing a policy.

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Don’t buy Based Solely on Price

A common error many new businesses owners make is choosing an insurance policy based solely on price. For many new businesses saddled with large amounts of business set up costs, the price of their insurance policy is important. But the terms of the policy are vitally important. Business owners must consider issues like deductibles, policy exclusions and the scope of the coverage. Taking all these things into consideration usually leads to better decisions.

Comparison Shopping Is Key

The best way to get the right insurance coverage is by comparison shopping. Given an opportunity to look at the policies and their coverage and prices, most new businesses owners who understand the type of coverage they need and the price they can afford will know which one to choose.

Some companies charge a fee for their price quotes. Stay away from them. Reputable companies will gladly share their quotes and coverage with you at no cost. They know if their coverage and cost is the best you will do business with them. Shop around, look at the coverage available and choose the best one.

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Understand Your Level of Risk

Risk is a reality in business. People starting new businesses do not always understand the level of risk they face. This can impede them from getting coverage which adequately meets their needs. Check with your landlord or the leasing agent to find out what type of insurance coverage is included in your lease.

If you own or are buying the building in which your new business is located, you will need to purchase business property insurance. This type of insurance will cover your building and the machines, furniture and other things in your office.

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Cover Your Vehiclesbusiness insurance for new company - auto insurance

If you have vehicles intimately involved in the running of your business, you will need to have auto insurance that covers them as well. A good insurance company will have comprehensive policies which also cover your vehicles.

In the case of an accident the policy should cover the occupants, any liability you incur and the cost of repairing or replacing the vehicles. The right policy can render an accident just a minor inconvenience rather than a major problem which can potentially bankrupt a new company.

Get Liability Insurance

New business owners should seriously consider purchasing liability business insurance. Most new businesses are organized as sole proprietorships or partnerships. This can leave the owner or owners personally liable in case of an accident.

Even when a business is incorporated there are some instances where the owners can be held personally liable for actions related to the business.

Types Of liability Insurance

Carefully consider the types of liability insurance coverage offered. General liability insurance deals with any claims made by people injured while in your office. This can eliminate the risk of being sued personally.

Professional liability coverage, sometimes called errors and omissions insurance, protects a business in case they are accused of negligence related to their services. Product liability insurance covers you in case a customer is hurt while using your product.

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What the Law Requires

Companies who have more than one employee need workman’s compensation insurance. They may also be required to have a company health insurance plan. Familiarize yourself with the laws in the state or states in which you will be doing business. Make sure you understand the types of coverage required.

Getting Better Rates

Joining a professional organization or developing a good relationship with an agent is another way to ensure you get all the insurance coverage you need at the best possible price. Membership in professional organizations may make you eligible for group rates. Take the time to look into it. It can save you time, money and potential problems. Establishing a relationship with an agent you can trust is another way to ensure you have all the coverage you need and are paying the best price possible.

Reassess Coverage Regularly

As your company grows you should reassess your coverage periodically. Insurance policies that may have been adequate in the early stages of your company may be woefully inadequate within a few years. As you accumulate more assets and hire more employees it is essential for you to adjust your insurance coverage to suit. Leaving your company under-insured can leave you open to having one misstep wipe out in an instant what it has taken you years to build.

Business insurance is an essential safety net for new businesses. Its imperative you take the time to shop around to find the appropriate policy. The survival of your business could depend on it.