Today I am going to give you six tips to make sure you are getting the best business insurance possible. Are you ready?

Tip #1

Make sure you understand the risk that you need protection from. Or other words, what’s your actual need for insurance? Don’t get a cookie cutter policy. Your business, just like any business is unique, and you have unique things that expose you to certain risks that maybe other businesses wouldn’t have. Sit down and think about potential lawsuits that face your business every day. Those are unique to you and your business, and you need to make sure that those are being covered under your business insurance policy.

Tip #2

Choose an insurance agent that knows your industry well. If you’re looking for an insurance agent that can guide you and make sure you have the best business insurance policy, well, then you need to find an agent that understands your industry. Without a good knowledge of what you do and the risks that you face every day, an insurance agent won’t be able to properly give you the correct coverage. So instead of finding a generalist insurance agent, find one specific to your industry, one that knows your industry, has experienced in your industry and therefore can get you the best policy for your business.

Tip #3

Err on the side of being over-insured. Look, I get it. You’re always trying to save money. That’s part of being a business owner. Your business is your baby. It’s everything you’ve worked to create throughout your professional life. What happens if a huge lawsuit comes, and you’re not properly covered by your business insurance? That baby is gone. So if you have the choice to err on the side of being under-insured or over-insured, it would be wise to err on the side of being over-insured, to make sure that you are fully protected in every way that you need protection.

Tip #4

Read and understand your policy before you buy it. All policies are not created equal. There are a number of different policies with a number of different coverages, a number of different exclusions, a number of different benefits that you can add on. They’re all different from company to company. One company may offer really good coverage for your specific industry, another may not.

Again, don’t go for the cookie cutter policy, but find a policy with an agent and a company that understands your industry and can get the right policy for you. But make sure you read it. You’re going to have questions, so ask those questions and make sure you understand it. There’s nothing worse than thinking you understand your policy and what’s covered, and then when you need to use it and you’re expecting to have coverage, not to have coverage. That is the worst feeling in the world. So make sure you read and understand the best you can, your insurance policy.

Tip #5

Make sure you are taking steps to reduce the risk that your business faces every day. What does this mean? Make sure that your business is being as safe as possible. The less risk that you face on a daily basis, the lower your insurance premiums are going to be.

Do you have safety protocols? Do you have safety training? Do you have staff meetings to make sure that everybody understands these safety precautions? And are you constantly making sure that they are being followed and kept up to date? By doing these things, the insurance company sees that and they may be able to offer you lower rates. And secondly, you’re not going to have as many claims arise. Therefore, your insurance premiums are going to stay low. So make sure that you have a safety plan in place and that you’re constantly communicating that plan to your staff.

Tip #6

Make sure that you are constantly reviewing and updating your business insurance policy. Your business changes. Sometimes it changes on a day to day basis. You need to make sure that you’re communicating these changes to your insurance agent and insurance company. Things like increased payroll, increased revenue, changes and operations. All of these things affect the coverage that’s being offered to you, and it also affects the premium that you’re paying for that coverage. So yes, you should always do annual reviews with your insurance agent, but you shouldn’t leave it just for once a year. You should constantly be updating and making sure that your agent is aware of changes that are occurring in your business.

Those are the six tips to make sure that you are getting the best business insurance possible. If you have any questions, please let me know.

Down below, I am going to list a bunch of different possible coverage options that you should consider when looking to purchase insurance for your business.

I’m always happy to answer any questions you may have. And if I can’t help you out with your specific business insurance needs, I can point you in the right direction to make sure that you’re covered and you can sleep at night.

Different Business Insurance Coverages

BUSINESS LIABILITY

• Errors & Omissions
• Directors & Officers
• Liquor Liability (if required)
• General Liability
• Employment Practices Liability
• Fiduciary Liability

PROPERTY

• Fire
• Theft
• Flood & Water Damage
• Wind & Hail
• Earthquake
• Equipment Breakdown
• Inland Marine

BUSINESS AUTO

• Collision
• Comprehensive
• Auto Liability
• Cargo Liability
• Hired & Non-Owned

BUSINESS INTERRUPTION

• Business Income
• Extra Expenses

CYBER

• Data Breach
• Cyber Liability

WORKERS’ COMPENSATION

• Lost Wages
• Medical Treatment