If you are reading this post, then you have made a very smart and wise choice – you have decided to get insurance for your business. Good insurance can provide your business and you, the owner, a failsafe to fall back in various situations.
The challenge is to pick the right commercial insurance that suits your business needs and requirements.
Here’s what every startup needs to know about business insurance.
1. Broker or no Broker
You access insurance policies, either through a broker or through the company directly. Better yet, go for an insurance company that has experience in offering insurances in your industry. Their policies will be crafted to cater to the needs of the industry. An experienced broker will know the ins and outs of the industry and get you the right policy that you need.
You want to get in touch with a person who takes the time to understand your company and its requirements. She listens to know where you stand now, where you are headed and what future expansion plans you have.
Then the various insurance plans will be recommended to you. For those of us at Beneficial Insurance, it is vital that we take time out to completely understand our customers’ business and accordingly recommend the best commercial insurance plans for them.
2. Take Your Time
Don’t rush to pick your commercial insurance. The industry is quite competitive with each insurance company trying to get the better of each other. Hence, you have insurance plans that have a wide area of coverage with high rates, while others have low rates with basic coverage. Your business needs to take out the insurance policy that suits it best. For example, a delivery based business will want to have cheap courier insurance as that is the policy that applies to them the most.
Pick one that brings you the best cost-effectiveness.
3. Home Based Business
If you are a home based business, consider getting business insurance because home insurance does not cover product, stock, and equipment coverage.
4. Small Contractor and Service Business
As a service business, you don’t just need insurance to cover products and equipment. This is why you should consider tool insurance from Tradesman Saver. You are at risk of property damage in a client’s home. For example, a cleaning service uses the wrong liquid on the floor and tarnishes the wood, or a plumbing contractor damages the wall while trying to fix a pipe.
As a service business, you are constantly open to risks of liabilities.
5. Small Retail Business
Your insurance coverage will depend on the products you sell and the countries they are manufactured in. Insurance coverage can effectively assist in tackling compensation claims from your customers. You will have an easier time if the products are purchased in more legal markets like Canada.
6. Go for a Package
It’s always better go for an insurance package. This way your various assets and parts of your business are thoroughly covered. Beneficial Insurance offers custom insurance packages for startups.
Having insurance for your business is just a safe thing to do, and ensures that your startup survives any kind of problems or disasters. So get the best selection of insurance coverage along with the best rates at Beneficial Insurance.