Starting a business is an investments, whether you're looking for a location or starting your company right out of your home. Protecting that investments is crucial, and you will want a business insurance policy that covers your assets.
Not all business insurance policies are created equal so before purchasing a policy, make sure to ask these important questions.
What Types of Coverage are Available for My Industry?
Every industry is different, and thus faces different risks, especially when it comes to liability. Simply, buying a basic small business policy can leave you with gaps in your coverage, which can lead to heavy financial losses. For example, Brewery Insurance will differ from Restaurant Insurance. A Medical Office or a Dentist's Business Insurance will differ from an Auto Repair Shop's Insurance. Ask insurance agents about the coverages that are available specifically for your business needs.
What are the Coverage Limits?
Coverage limits are often flexible for commercial insurance policies. If you have several locations or expensive equipment, you may need higher limits of commercial property and equipment breakdown insurance. A basic liability insurance policy could start with a $1 million liability limit, but if you deal with customers on high-value projects, you may need higher liability limits.
What is Excluded from the Policy?
Many policies have common exclusions, and business is no different. Ask about exclusions from your liability and property coverages especially. Many commercial property insurance policies exclude coverage for incidents concerning floods and earthquakes.
How Will Compensation Work?
The way you can receive compensation for an insurance claim will vary depending on what type of claim it is. Make sure to go over the details with your insurance agent about when and how to file a claim, and what kind of compensation you can expect. This is especially true for property, as cash value and replacement value are different types of compensation that can change how much you receive after a claim.
How Can I Save Money?
Ask about discounts and other ways you can save money. Insurance is supposed to protect your assets, not drain them. So be sure to ask about any adjustments to your property or your policy that can save you money without sacrificing important coverages. Protecting your commercial property with monitored burglar and fire alarm systems, for example, can often save you money by lowering the risk for that type of claim. Making your physical location safer can also lower the risk of liability claims, and thus save you money.
Contact the professionals at G & H Financial Insurance for assistant with your business insurance at 281-395-5497 or click here.
Information Source: ITC