//Small Business Insurance Tips

Small Business Insurance Tips

As a small business owner, you spend a lot of time focusing on growing your business. But don’t let growth catch you unprepared. Here are some insurance tips to help secure your business:

Find a reputable insurance agent
A thoughtful talk with your insurance agent can help you with obtaining the best policy for your business. Make sure to seek insurance that’s appropriate for your industry. Learn about the types of business insurance available to you

Shop around
One of the most important concerns for a business owner is saving money. To do this, take the time to shop around. Consider taking quotes from several carriers and compare them before making a decision.

Examine each policy carefully
Review the policy before signing the contract. Decline duplicate and overlapping policy so you won’t pay more.

Assess your risk
Insurance coverage that meets your business needs can save you from serious financial setback or in the event of disaster, it won’t drive you out of business. Before purchasing any type of insurance, assess your risk. For example, your business has a high risk for fires. One way to lower your payments is by purchasing fire extinguishers and alarms. If you are in a crime-infested area, a powerful security system could get you cheaper coverage.  Another example is when you offer health insurance coverage options to your employees. You may be able to lower your costs by participating in health and wellness programs.

Look into a Business Owners Policy
If you don’t have a BOP, we encourage you to get one. And if your business is expanding, this will cover your current needs. You should look for a package policy that includes property and vehicle insurance, general liability insurance, and other basic forms of coverage. This option will prevent you from purchasing policies from different insurance carriers. However, if your business has unique risks, additional coverage may be needed.

Train your employees
Take the necessary steps to lower costs. Having safety policies in the workplace can reduce the incidence of on-the-job injuries.

Reassess your needs and don’t let your coverage lapse
Because your insurance needs can change over time, you need to review your insurance policies to make sure they keep up with current business needs.

Protecting your business as it grows gives you peace of mind as you plan to take it to the next level. For more helpful resources, see our Business Toolkit