Has your business grown to the point where you need to purchase or upgrade your insurance program? If so, congratulations! Your investment of time, money, and ideas has been successful, and you need to make sure you have the protection needed in order to continue to expand – safely. Here is what you need to know about selecting the best insurance program for your business.
What types of coverage do you need?
The types of insurance needed will depend on what your business does, and how you do it. If you have numerous employees working in a manufacturing plant, your coverage needs will be different from a sole proprietor who creates and sells web-based software. However, both businesses (and nearly all others) involve risks that you can help protect with insurance. Some of the common types of business insurance include:
- Property
- Business Liability
- Product Liability
- Business Automobile
- Worker’s Compensation
- Excess Liability
- Equipment, Cargo, and Machinery
- Crime Coverage
- Cyber Security
- Professional Liability
- Directors & Officers Liability
- Employment Practices Liability
- Pollution Liability
- Performance Bonds
- Flood
- Employee Benefits (Health, Vision, Dental, Life & Disability)
What are the right limits and deductibles for your business insurance?
Once you have worked with your insurance advisor to determine the types of coverage you need or want, the next step is determining the best limits and deductibles for your unique situation. These numbers can have an impact on your bottom line, so it is important to compare several different scenarios in order to find the coverage that makes the most sense for your business. Here are some things to consider when evaluating your insurance program.
Review the details carefully: Insurance policies from two different carriers may not be exactly the same – make sure that the coverage you need is included in the policy you choose. If you are confused by certain terms or limits, ask your insurance advisor for clarification.
Consider alternate options: There may be different combinations of policies that will provide you with the coverage you need. For example, owners of a home-based businesses may be able to add coverage to their homeowner or renter’s insurance policies instead of purchasing a separate business policy.
Controlling Expenses: Once you have your coverage in place, you can help control your insurance costs by working with your insurance advisor, as well as groups in your industry, to keep up-to-date on processes that can ensure workplace safety and prevent claims.
Unexpected benefits: Investing in insurance coverage may save you money in ways that might not be obvious initially. For example, providing employee benefits coverage may help you attract and retain employees.
Take your time when choosing the right insurance coverage for your business. You have invested a lot in your company, and it deserves a level of protection that will allow you to focus on your future with a strong peace of mind.
