Small business insurance, sometimes referred to as commercial insurance, helps protect a business’ assets, properties, and income. Business insurance costs may vary based on the policies you decide to purchase. Your coverage limits, and other factors like your industry, the number of employees, and location are all important determinants of your insurance cost. Small, low-risk businesses, especially those that qualify for a business owner’s policy, tend to pay less for insurance than larger companies.
It is easy to get small business insurance if you have the required information on hand. However, one small business insurance policy can not cover all risks. Different types of commercial insurance policies will be required to address different types of accidents, lawsuits, and damages that could impact your business.
Tips for Finding and Comparing Policies
Getting the right business insurance policy involves more than just looking at your premiums. Factors such as business risks, policy exclusions, and coverage limits have to be considered. The following are a few tips to help you find and compare the best policies that fit your business and budget.
1.Research insurance carriers: Use one of the several independent rating agencies that measure the financial strength of insurers. Avoid any insurance companies that aren’t making the grade as you don’t want to buy an insurance policy at a bargain, only to discover your insurer can not pay the claim.
2.Consider more than just insurance rates: While making a decision, keep in mind that you are purchasing business insurance policies to reduce the risk of a financial loss. Although, it can be tempting to make a purchasing decision based solely on the cost of premiums, remember to focus on the best available protection for your business.
3.Understand your coverage: Business insurance coverage can vary significantly from insurer to insurer and from policy to policy. Review each policy and coverage option thoroughly to know exactly what you will be getting per bargain. Regardless of the type of policy you are reviewing, never assume that the coverage provided in every quote is the same without asking the insurer.
4.Observe policy limits and deductibles: Policy limits are the maximum amounts that your insurer will pay for a claim. It is best to choose the limits that can appropriately protect you in the event of financial uncertainties. Note that there is a limit per occurrence and a limit per aggregate.
- Limit per occurrence deals with the highest amount your policy will pay for any single claim
- Limit per aggregate is the total your policy offers for all the claims in a single policy period
Your deductible is the amount you pay out of pocket before your coverage kicks in. It is best to remember that your insurance policy will not do you any good if you fail to raise the cash to cover the deductible.
Figuring out exactly which insurance coverage is best for your business will do much good to your company. Review your insurance policy with our experts to stay updated with what is best. At Bell Black Insurance, we can help you understand your small business insurance needs. Serving clients in Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming, we are here to assist you with all your insurance needs. Contact us today!