A Guide to Finding the Right Business Insurance

After working hard to have a successful business, it would be a shame to lose it due to some unforeseen circumstance or catastrophe. This is why it’s so important to have a good commercial or business insurance policy in place. Here are some helpful tips on how to find the right business insurance for your company.

Assess Your Needs

Before you begin shopping for business insurance, assess your risks and know what you need. How much can you afford to pay out of your pocket if you have a business loss? The higher the deductible, the lower your premium will be, but you don’t want a deductible higher than you can afford to pay. Know how much you’ll need to cover your business.

Find a Reputable Insurance Company

It’s often said your insurance is only as good as the agent working with you. Make sure your agent is licensed and has a good reputation in the business and insurance world. If you're unfamiliar with agents in your area, you can get a list of licensed business insurance agents from your state’s government.

Shop Around

Shop around is good advice regardless of what we’re buying, but with the increasing costs for insurance, it’s even more important to shop around and compare not only prices but coverage as well. Anthony Clark Insurance Brokerage, a firm providing commercial insurance in Calgary, recommends working with insurance agents that offer various insurance companies. More options often result in better rates.

Get a Business Owner’s Policy

It may sound pretty obvious to get a business owner’s policy when you own a business. However, many people try to get several small policies, often from different companies. This often results in higher premiums than what they’d pay with one business owner’s policy. The fact that your neighbor is using a specific insurance company isn’t any guarantee that it’s the right company for your business.

Review Your Policy Periodically

What’s good for your business this year may not be appropriate next year. Businesses change, circumstances change and rates may change. You may find that your business has grown and your insurance needs to grow as well. Or, your liabilities may not be the same this year as they were last year. Assessing your business insurance annually can ensure that you’re not under insured.

Choosing the right business insurance doesn’t have to be a daunting task if you know what you need. The National Federation of Independent Businesses offers business owners help in choosing the right type of business insurance and assessing their business needs.