Steps to Buying an Insurance Policy for Your Business
Buying business insurance is an essential component of opening your company’s doors. Well before you launch a marketing campaign or start selling your first services or goods, it is crucial to ensure you have coverage, just in case anything goes wrong.
How Do I Insure My Business?
No matter your industry, follow these four steps to buying insurance for business.
1. Determine Your Risks and Insurance Needs
Before you determine how to buy business insurance, you need to consider what you need to buy. If you have employees, you will need workers’ compensation coverage. If you are in a flood zone, you may need flood protection. Consider whether theft, natural disaster, client injuries or other risks are a concern and work to get coverage for the risks that may impact your organization.
You may need to read about different policies or speak to an insurance broker to understand the different products on the market. For example, if you run a home-based business, you may decide on a general liability insurance policy. If you have an office, you may need a business owner’s policy.
2. Compare Different Policies and Providers
Looking for the right insurance can be like comparing apples and oranges. All carriers promise they’re the best and comparing different insurance options when they all have different names is challenging and time-consuming.
Consider working with an insurance broker, who can do the research for you and present you with options for your specific situations. Whether you work with a broker or decide to put in the time comparing policies yourself, look for a broker or insurance provider who specializes in insurance for businesses. Companies face more risks when compared with individuals, and some industries face even higher liabilities. If you are in the hospitality industry, for example, look for insurance products designed for companies in the hospitality industry.
3. Have a Plan to Keep Your Insurance Relevant
If you have grown in the past year, opened a new location, renovated your location or launched any new product or service, you likely need new insurance. In fact, it is important to review your insurance policies annually since your coverage needs will change as your company grows and changes.
4. Get a Few Quotes
Quotes allow you to see how much coverage you can get on your budget. An insurance broker can help you get a few quotes, so you can compare insurance products quickly.
Your Next Steps
Keep in mind that without business insurance, you will need to pay any damages or losses out of pocket. If a storm causes thousands of dollars in damage, you will need to pay that out of the company’s funds or even your own assets if you’re not covered. Similarly, your company may be held liable if your business is sued and you do not have the right insurance.
Start the insurance conversation today by contacting Kokkoris Insurance Services. You can also reach us by phone at 718-728-0606. We will consult with you to help you find the right insurance for your budget and needs.