Before you buy business insurance, let’s explore the three most important factors in comparing different insurance plans. Most insurance plans are going to be quite different in terms of coverage, but these will give you the basics for figuring out the benefits.
1. Your current and your future needs.
As a business owner, it’s likely that you’re interested in scaling your business upwards over time.
You need to consider your current needs as well as future needs: you may not need commercial auto coverage today, but you may need it in the future.
A complete Business Owner’s Policy can provide you coverage moving forward.
2. Your need for asset and income protection.
Your business insurance needs to protect your physical assets as well as your revenue. Your coverage must be enough to protect these physical assets as well as your projected income, and to do this you need to have a complete accounting of your company’s current assets and revenue.
3. Your point-of-contact for questions and claims.
Who are you going to connect with when you have questions about your coverage? Do you know who you can contact when you need to make a claim?
A point-of-contact needs to be someone that you trust, whether they’re an agent or a broker. The value in many insurance companies lies in the relationship that you develop with your agent.
Altogether, buying business insurance requires that you have a trusted partner on your side.