It is important to shop around when in need of business liability insurance and other types of coverage for your business. Always keep in mind that prices varysometimes by a substantial amountfrom company to company for identical coverage. · In many cases, you can choose among companies or brokers who specialize in your type of business. Call several until you feel comfortable with their level of knowledge so that you can become familiar with the types of business liability insurance and other coverage they provide.
Once youve decided with whom youd like to do business, make sure the insurance carriers are in good shape financially. Check the financial health of insurers with rating companies such as A.M. Best and Standard & Poors, and consult consumer magazines such as Consumer Reports. Remember that when you buy business liability insurance and other types of coverage for your business from an insurer, you are relying on that company to be there for you.
Deductibles Lower Your Premium Costs
- Deductibles represent the amount of money the carrier will deduct from any claim before they will pay you. The higher the deductible you choose, the less you will pay for the policy. Be sure, though, that you have sufficient funds on hand to cover that higher deductible if you need to file a claim.
- If you are a small business owners, you can often insure your business risk by purchasing a package policy, such as a Business Owners Policy (BOP) instead of individual coverage. A package policy provides appropriate standard coverage and limits of liability for smaller businesses.
Your insurance broker can provide invaluable advice to help protect your business from unexpected disasters. Be sure to keep him or her informed about any major changes in your businessmajor purchases, expansions, or changes in the nature of your operation. In addition, ask about disaster planning and reducing risks such as fire or work-related accidents.
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