If you’re a small business owner, you know your business needs dedication and vision. And for protection, they need comprehensive insurance to protect themselves from disasters, illnesses, disability and loss of property and goods among many others.
Every small business owner should at least investigate a business owner’s policy. This kind of policy is designed to protect every kind of risk possible: property insurance, liability insurance, business income, machinery insurance, human failure, employee protection and management protection, and more.
There are many options and the choices can be mind-boggling. Here are a few tips for buying small business insurance coverage:
1. Surf the Internet and downloada “business owner’s insurance check list.” This will give you a basis for your effort to get small business insurance coverage.
2. Make the effort to do a comprehensive search for the many options available both online and offline. Or ask your insurance agent to create a docket of options.
3. Understand what your business will need and seek coverage accordingly. Ideal sources for insurance coverage are trade associations and business groups; they often have tie-ups with insurance companies for coverage at reduced premium rates.
4. Check the Web site of the Institute for Business and Home Safety for recommendations: www.ibhs.org and the Small Business Administration: www.sba.gov.
5. Ask for quotes and recommendations from at least three leading small business insurance providers. Making a comparison of the coverage and rates will help you get a good deal.
6. Use a small business liability tool available online to determine the risks faced by specific small business. Note the risks and get a quote for an insurance policy that covers all the delineated risks.
7. Contact the same insurance company that covers your life, health, home and vehicle. Often when a company knows a person as a client they offer better insurance rates and facilities.
8. Often online polices are offered at better rates. Surf the Internet for a small business insurance directory and explore buying insurance online.
9. When buying a small business policy online ensure it is a reputable company and has been in business for a long time. Check with the Better Business Bureau whether there are any cases pending against the company.
10. Buy insurance from a leading insurance company that follows fair business practices. This way you will maximize your protection as the insurance company should be reliable.
Choose a comprehensive policy and ask for a COLA option; this cost of living adjustment option will ensure that the insurance plan stays current with inflation. Before buying a policy online or offline check the financial ratings of the insurance company.
Be sure to check the United States Small Business Administration’s standards and requirements before buying an insurance policy to cover your small business. Check the Web for updates on insurance laws and needs. Read articles and tips written by insurance professionals. Learn how to protect your interests by making informed choices.
Timothy Rudon is a writer for 1866smallbusinessinsurance.com, a Web site to find small business insurance, small business insurance quotes, small business health insurance, insurance for small business and much more.