Call Us 239.542.7101 ☰ ˟
239.542.7101
Logo
  • Home
  • What We Offer
    • Business Insurance
    • Workers Compensation
    • Liability Insurance
    • Bonds
    • Commercial Auto Insurance
    • Employee Benefits
    • Business Life & Disability
    • Life Insurance
    • Personal Insurance
    • Specialty Programs
    • HR Support
  • Client Services
    • Client Services
    • Make a Payment
  • News & Information
    • Newsletters & Alerts
    • Disaster Relief Links
    • Safety Resources
    • Helpful Links
  • Blog
  • About Us
    • About Premier Insurance
    • Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Home > Blog > Part 2- What You Need to Know About Insuring Your Business
TUESDAY, AUGUST 29, 2017

Part 2- What You Need to Know About Insuring Your Business

Part 2- What You Need to Know About Insuring Your Business

Related image

Buying Business Insurance

While some insurers sell policies directly to buyers, most distribute their products through insurance agents and brokers. If you need insurance and have not already established a relationship with an insurance intermediary, this should be your first step. Look for an independant agent or broker who is licensed to sell property/casualty insurance, employee benefits, etc.... He or she should be familiar with your industry. When seeking  recommendations, here are some sources to consider: 

  • Business colleagues and associates
  • Professional or trade organizations
  • Family and friends
  • Insurance company websites

Some small business owners may attempt to buy insurance online. Internet shopping seems convenient since websites operate around the clock, however, an online agent is unlikely to provide the same level of service as an agent you meet face-to-face. You should avoid buying policies online if your business is new, or if you have no idea what coverages you business needs.


So, you are shopping for small business insurance? Well kudos to you for seeing the importance of protecting your business! Each year, there are thousands of small business owners just like you that not only lose their business, but also their livelihood, savings, credit, homes and reputation due to lawsuits.

These reasons are why our team at InsuranceHub will share these 5 ways you can buy the best business insurance for your company. Lets outline them first, then we will dive into them one at a time.

  1. Assess your risks
  2. Educate yourself about a Business Owner’s Policy
  3. Shop Around
  4. Find a Reputable, Licensed Agent
  5. Assess Your Insurance Coverage on an Annual Basis

Lets delve into these one at a time so that we can get the best coverage for you to provide adequate protection and minimize risks.

1. Assess Your Risks

How does an insurance agency know if they want to cover your business? Simply put, they check to see how risky you are. The first thing they do is establish the level of risk they’ll accept when issuing policies. This process is called underwriting, which is where the underwriter will review your application and determine whether it will provide all or a portion of the coverage being requested. 

Next, when they decide that you are a good risk, they will underwrite a policy for you for the coverage. Each policy has a premium and a deductible.

What is a premium? A premium is the price you pay for insurance each year. This will depend of course on your business location, building type, local fire protection services, and the amount of insurance you carry.

What is a deductible? A deductible is the amount of money you agree to pay upfront when making a claim. Simply put, the lower the deductible you pay, the higher your premium will be… and vice-versa.

So, when you assess your risk and can afford to pay a higher deductible, then you end up saving money on your annual premiums.

2. Educate Yourself About The Business Owner’s Policy

Did you know that you can save money buy getting a business owners policy instead of buying individual policies from different companies separately? You deserve to learn more about the Business Owner’s Policy or BOP.

3. Shop Around

Are you the type of person that buys the first thing they see or do you take the time to shop around? You don’t have to figure things out by yourself. Our team of advisors is at hand to help you through the process.

Did you know that The National Federation of Independent Businesses offers free information for choosing insurance to help you assess your risks and to make sure you’ve insured every aspect of your business?

Here are some things to remember:

  • The extent and costs of coverage vary from company to company.
  • You might want to talk to an industry specialist that understands the common problems unique to the type of business you are in. Many times specialist brokers can get you the best coverage and the best rates.

4. Find a Reputable, Licensed Agent

Whom do you want to protect your business? Isn’t it true that you want someone that has a good reputation for going to bat for their clients? Here are a few things to remember before choosing a commercial insurance broker:

  • Make sure your broker understands all the risks associated with your business.
  • Ask friends and family.
  • Talk to your peers and fellow business owners.
  • Think about what you would look for in a good lawyer or accountant.

5. Have An Annual Business Insurance Checkup

As your business grows, so do your liabilities. No one wants to be caught unprepared when a disaster strikes.  Have you purchased or replaced equipment or expanded operations this past year? If so, contact your insurance broker to discuss changes in your business and how they affect your coverage.

 Premier Insurance is ready to help you find the right coverage, with the right carrier, at the right price.  Shopping is only the first step.  At Premier, we are your partner, assistance with claims, frank and honest discussions about needs, and our service is what sets us apart.  Call us today!

Posted 8:00 AM

Tags: fort myers business insurance, cape coral business insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013

  • employee benefits(106)
  • business insurance(98)
  • fort myers insurance(80)
  • insurance(72)
  • fort myers business insurance(55)
  • cape coral insurance(45)
  • cape coral(42)
  • fort myers(42)
  • workers comp(41)
  • wellness(38)
  • business(32)
  • health insurance(32)
  • covid-19(28)
  • motivational monday(22)
  • workers compensation(21)
  • wellness wednesday(21)
  • coronavirus(19)
  • health(19)
  • group health(16)
  • fort myers employee benefits(16)
  • commercial insurance(15)
  • hr(13)
  • cape coral business insurance(11)
  • group insurance(10)
  • group benefits(9)
  • liability(9)
  • cape coral employee benefits(8)
  • life insurance(8)
  • fort myers workers compensation insurance(8)
  • funny friday(8)
  • workers compensation insurance(8)
  • corona virus(7)
  • cyber security(7)
  • general liability(7)
  • osha(7)
  • group health insurance(6)
  • health insurance fort myers(6)
  • auto insurance(6)
  • epli(6)
  • benefits(6)
  • employee benefits design(6)
  • hurricane(5)
  • cyber liability(5)
  • business insurnace(4)
  • hurricane season(4)
  • lee county business insurance(4)
  • compliance(4)
  • florida(4)
  • hurricane preparedness(4)
  • aca(3)

View Mobile Version
Logo
Quick Links
Home Business Insurance Personal Lines Make A Payment Report a Claim About Premier
Refer A Friend Our Carriers Blog Disaster & Safety Resources Helpful Links Contact Us
Location
1326 Cape Coral Parkway E
Suite 1
Cape Coral, FL 33904

P: 239.542.7101
F: 239.542.0693
Social Social Social Social
© Copyright. All rights reserved.
Powered by Insurance Website Builder