How to Compare Business Insurance
As a business owner, you’ve dedicated your time, money, and energy to establishing your business. However, to be successful you’ll need to make sure your business is protected with the right business insurance. The Hartford can help your decision making process by offering a variety of business insurance options and tips for success.
Below are the top 10 reasons to review your business insurance coverage:
1. Business Conditions Change
Businesses are always evolving. Markets change and customer preferences take new turns. These changes can create new situations that are not covered under your old insurance policy. Therefore, you’ll want to stay up to date on your coverage. You can do this by reviewing your policies regularly.
2. Workers' Compensation Insurance Coverage
Insuring your employees correctly is an important part of running your business. For example, you need to make sure your employees are covered under your Workers' Compensation Insurance policy.
In addition to this, you may need to add a Professional Liability insurance to your coverage as your business grows. This policy will help cover mistakes or negligence claims made against you or your business. For example, say a regulatory or other government agency made a claim against your team for professional misconduct. Your Professional Liability Policy may help cover the costs associated.
3. Get Lower Business Insurance Rates
As a business owner, saving money is not only important but can also help your company expand in the future. One way to start saving right away is by performing a review of your business insurance policy.
Compare rates, reviews and experience from your provider to other companies and make changes where it makes sense to do so. You can also consider bundling your insurance policies. For instance, a Business Owner’s Policy combines commercial property insurance, business liability insurance and business income insurance into a single policy.
4. Don’t Overpay for Business Insurance Coverage
Business conditions change all the time. With each change, gaps are often created in your coverage needs. These gaps can cause you to over pay for your business insurance. However, this scenario can be avoided by reviewing your business insurance regularly and making necessary changes to ensure you’re not over paying.
5. You are Renting a New Workspace
Any time your business moves to a new location you will need to look at your contract to determine the insurance coverage you need. Depending on your lease you may have specific items that have to be covered. One example of this could be air-conditioning.
6. You Started Using Subcontractors
For businesses that have begun hiring subcontractors, you will want to stop and look at your legal liabilities. You may need to expand your insurance coverage to them.
7. Catch Mistakes in Your Business Insurance
Insurance policy mistakes are not only costly to your business but harmful to your overall operation. Therefore, mistakes need to be found as soon as possible.
To find mistakes, review your business insurance thoroughly. This will provide you with the opportunity to catch mistakes before they become significant problems.
8. You Have Made Building Improvements
Renovating your business is an exciting time. However, any extensions or improvements made to your business will likely increase the overall cost of your building. This means you will need to raise your insured building sum for the correct protection.
9. You Have Increased Stock
As a business owner, your insurance coverage should extend beyond your physical assets. Each time you renew your insurance policy, it’s important to consider stock fluctuations. This is because the precise stock that you have at renewal time may not accurately represent the inventory you have throughout the year.
10. It Is the Beginning of the Year
The beginning of the calendar/fiscal year is the best time to review and renew your business insurance policy. During this time you can make any changes that you need to better your company.
How Do I Find New Business Insurance?
After reviewing your current business insurance policy, don’t be afraid to switch to a new insurance plan that better fits your coverage needs.