Every business needs insurance – even small ones. Why? All businesses have risks. And it’s a fact that the right coverage for your small business can make or break your company if a covered incident occurs.
Insurance is all about protecting your assets. And no matter how careful you are with every aspect of your business, unexpected disasters happen. You just don’t have control over them. But whether it is fire, flood or theft, an insurance policy take cares of that for you. Here are five tips to help you select the right policy.
- Make sure to discuss all potential losses to your agent. That $3,000 aquarium display in your lobby might not look much to your agent, so she might scratch it of as something “less valuable.” So be sure to specify the real value of all your assets in case any accidents occur.
- Discuss in length your full inventory to your agent. Coverage should replace all lost or damaged equipment with the same, or at least comparable, items instead of getting items of a depreciated value. We’ve heard some horror stories about company equipment getting replaced by cheaper versions, so be sure to discuss in great detail the value and the replacement potential of all your current inventory.
- Get worker’s compensation insurance. An accident in the workplace can cost you a lot of money. It will require you to pay all medical bills and lost wages, or face a lawsuit by a begrudged injured employee. Worker’s comp can cover these situations, saving you the expenses of work accidents.
- Consider a package deal, such as a business owner’s policy (BOP). It’s usually cheaper and can cover a long list of your concerns in one easy bundle with one premium payment.
- Hire an independent insurance agent. They are not bound by a single company, so they can broaden their horizons and really shop around. The insurance industry is vast and there are lots of factors involved. But the independent agent knows his stuff, and can really give you the best policy your business deserves.
So now that you know about small business insurance. It’s time for you to contact that dependable agent of yours and start purchasing that perfect coverage for you!