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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Small business insurance can be expensive and most small businesses don’t have a great deal of capital to invest in insuring their company. However, small businesses cannot afford to not carry adequate insurance since doing so can open them up to various liability issues. Enter your ZIP code to compare business insurance for FREE.

Insurance Brokers Can Help

Finding the right small business insurance can be a time consuming task and in some cases the assistance of an insurance broker might be wise especially if the small business might frequently be exposed to liability issues. Harnessing the experience of a knowledgeable insurance broker can make the task easier for certain businesses with certain insurance needs.

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Find Small Business Insurance Your Company Needs

Small businesses involved in lower risk industries can maximize their chances of finding adequate small business insurance by honestly assessing their business’s insurance needs. Once you determine the factors that are most important to your choice of small business insurance you can then search for companies that best meet those needs.

Lower Your Rates By Securing Business Property

When insuring small businesses insurance companies look at several key factors. One of the most important factors is the type of security the business has protecting its property and other valuables. By possessing a quality security system and discovering what other security measures can be taken a business can obtain the best possible rate on insurance premiums.

Sticking with One Company Can Offer Small Businesses Large Savings

Insurance marketing, like other industries has become extremely competitive. This factor has made it possible for individuals and businesses to save money and time by handling all insurance needs through one company. Additionally many insurance companies offer huge discounts for clients that provide customer referrals.

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Cheap Insurance Rates Can Cost You in the Long Run

 

While it’s best to search for the lowest price possible sometimes the lowest price on the market isn’t the best choice. In many cases these super cheap prices can be offered at extremely low rates because they don’t offer needed coverage or their customer service is severely lacking.

Businesses choosing to take advantage of extremely low pricing should always perform due diligence and research insurance companies before taking a chance on not getting adequate coverage or worse. Use our FREE comparison tool to find affordable small business insurance.

Look at all Insurance Coverage Options Available for your Business

Businesses can avail themselves of numerous types of coverage. Types of small business coverage vary by industry but in all cases it pays to be aware of all available options. Unless you research these options making an educated decision on insurance options will be virtually impossible.

Negotiating the Best Rate for Small Business Insurance

Shopping around for the best insurance policy for the best rate is smart. Overlooking an opportunity to negotiate a better deal is even smarter. Most insurance companies are so hungry for business that they are willing to match prices and even go lower, especially for businesses that have low risks and good reputations.

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There are several key steps to follow to find out which company has the best deals. Simply looking online won’t provide a complete picture of the types of deals and opportunities. There is work involved in finding the best deals but the work is certainly worth it.

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8 Helpful Hints in Negotiating a Better Small Business Insurance Rate

  1. Check with your industry’s trade or association for endorsed agencies and discounted rates.
  2. Ask other small business owners which companies have performed the best for their needs and offer the best rates and services.
  3. Ask whether these small business owners use brokers or if they search for their policies on their own and why.
  4. When calling for quotes ensure it’s best to appear as knowledgeable as possible in order to secure the best rates available.
  5. Never be afraid to use another insurance company’s quote to leverage a lower rate.
  6. If you already have insurance let your company know you’re looking for better rates. They might be willing to negotiate a better price.
  7. Compare all received quotes with advertised prices online.
  8. Always contact at least one broker. Unlike the agents who are employed by insurance companies brokers can access data on several different companies and can even shop for better rates for your company after you’ve purchased a policy.

Take Time to Make the Right Decision

By following the steps above small businesses can maximize their chances of finding adequate small business insurance suitable for their individual business needs. Finding the right type of small business insurance to meet a company’s needs can seem time consuming. Taking the time to find appropriate insurance is necessary and rushing into a decision is never a good idea.

Once a few decent policies are located time should be taken to evaluate those policies and the likelihood those policies meet the company’s needs. A period of at least 24 hours should elapse between the decision to purchase and the actual purchase is made in order to be certain that the best possible policy is secured at the best possible rate.

Enter your ZIP code in our comparison tool below to compare small business insurance rates for FREE.