Small Business Insurance: What Agents Want You to Know Dyman & Associates Insurance Group of Companies
Every business should be insured, but as a first-time business owner, you may find it hard to navigate through the maze of plans and providers. Speaking with fellow entrepreneurs is a good start, but commercial insurance agents are familiar with a wide range of business needs, and can provide insight into what's best for your company. Here are four tips from insurance agents for small business owners:
Start with a business owner's policy For affordable, broad-spectrum coverage for your new business, it's best to start with a business owner's policy (BOP), said Judy Coblentz, chief underwriting officer at Travelers Insurance. This type of policy combines both property and general liability insurance, and typically covers events that cause suspended operations, property damage or lawsuits. Depending on the type of business you own and the number of employees you have, you may need additional specific types of insurance, but a BOP will at least provide basic protection from common business losses.
Cheaper isn't always better When you're trying to get a business off the ground, keeping a low budget is often a top priority. For certain expenses, it's smart to go with the least-expensive option. In the case of business insurance, cost shouldn't be the only consideration. Shop around for a provider that's in your price range but that also offers comprehensive coverage and business support services. "Select the best carrier for your business needs," said Hale Johnston, senior vice president of small business insurance carrier Employers. "There may be more than one.
Be prepared for an audit during your first policy period "You will either be audited during the course of the policy or at the end of the policy period, and your premium may be adjusted based on your true sales," said Ken Gaylord, commercial insurance specialist at Montgomery and Associates Insurance Agency. "Always be as accurate as possible [in your sales records] to avoid any hidden surprises."
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