Once you have narrowed your choices, it is important to investigate the companies that you are considering. There are several ways that you can do this.
Make sure that the company is financially stable and that they have a good reputation. One way that you can do this is to talk to clients and former clients of the company. Ask friends and business associates if they have heard anything negative regarding the insurance company, and check with your local Better Business Bureau. You can also call the insurance commission in the state in which you live to get a report on the company’s business practices.
When you are considering an insurance policy, it is important to consider that there will be a deductible for every claim that you file.
A deductible is the portion of the claim that you must pay yourself, each policy has one, however, the amount of the deductible varies. If you choose a low deductible, the amount you pay per month will be higher compared to a policy with a high deductible.
Small business owners have the option of purchasing a Business Owners Policy instead of individual policies. A business owner’s policy covers only the appropriate amount of coverage for small businesses to insure that they are not covering themselves for things that they do not need.
Insurance agency want your business, and will offer you advice in purchasing policies that can assist you in times of emergencies. It is important that you keep your information up to date with any changes that may occur in your business. They can also offer you tips and advice in disaster planning. In some instances, if you implement disaster planning, you may receive a discount on your insurance.
Many companies do not communicate with the insurance company for fear of their premiums being raised. In some instances, substantial changes may increase your premiums, however, in most cases it does not. Your insurance agent can offer you invaluable advice on different aspects of your business; it is in your own best interest to talk to him or her.
When you have the right business liability insurance can make the difference between saving your business in the event of an emergency or going losing it. When you have a disaster relief plan in affect, you will be able to get up and running more quickly than without one.
Protecting your business should be your number one priority, and with the right policy you will be assured that your business will be safe in the event of a disaster.
By: Peter Fitzpatrick
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