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The ABCs of Business Insurance: Setting Yourself up for Success

Protecting your business is more than just a smart move – it’s critical. Today, business insurance is as essential to the operation of your company as the business plans and clients that allow you to operate. In some cases, having the right business insurance plan can even spell the difference between making it through a hard time and losing everything
What are the Different Types of Business Insurance?
Today, there are dozens of different types of business insurance, designed to accommodate all kinds of owners and operators. Here are some of the most common:

General Liability Insurance
General liability Insurance helps you protect your company and its assets if someone gets hurt at your office or place of business, or if they injure themselves while using your products or goods. Critical for any company that could be wrapped up in a negligence lawsuit, general liability insurance covers costs like medical bills and legal fees in the event your business is sued.

Professional Liability Insurance
Professional Liability insurance covers “errors and omissions,” meaning that it shields your company from claims of negligence or malpractice. Typically carried by physicians and other such professionals, professional liability insurance can make or break a business if you happen to be sued.

Business Property Insurance
Business property insurance covers the property your company owns in the event of a disaster, such as a fire or an earthquake. Keep in mind that business property insurance policies differ and, while some will cover you from events like vandalism, others won’t, so it’s wise to read the fine print carefully before you make a purchase.

Business Interruption Insurance
This insurance protects your company if you happen to move or relocate, and lose business as a result. During these in-between times, these policies can help you maintain cash flow and replace lost revenue.
Beyond these primary types of business insurance, there are also hosts of other policies available for people with special coverage needs or unique concerns, so it’s wise to do your research to determine exactly which plan you need.

How to Choose an Insurance Broker
Rather than wading into the world of business insurance on your own, you’ll want to hire an insurance broker to help you. Unfortunately, choosing one feels difficult for many people. Luckily, it’s not as tough as it seems. Here are a few simple tips to keep you on-track:

  • Choose A Broker You Feel Comfortable With. You’ll be working with your broker extensively, so it’s critical to find one that makes you feel at ease. brokers that feel pushy or dishonest need not apply.
  • Find A Broker Who Understands Your Industry. Certain industries, like the medical profession, for example, have unique needs. Find a broker who understands these needs for best results.
  • Shop Around. Not all brokers are created equal, and you’ll likely find you get different quotes and proposals from various brokers. Shop around to find the one you like best.
  • Ask Questions. If you have questions about your business insurance, don’t hesitate to ask them. The right broker will take the time to answer all your questions thoroughly, understanding that knowing what you’re getting form your insurance policy is essential to you and your business.

Adjusting Your Business Insurance as Your Company Grows
As your business grows and changes, you’ll want to adjust your business insurance accordingly. Any time you acquire new assets, for example, or shift your scope of practice, it’s wise to adopt a new insurance policy or reevaluate your existing plan. Since your insurance needs change over time, you can’t expect the plan you purchased at the beginning of the year to necessarily be a perfect fit at the end of the year. As such, it’s essential for you and your team to develop a process of evaluating your policies and adding to or subtracting from them as needed.

Business Insurance Made Simple
When it comes time to purchase business insurance, the best thing you can do is partner with an experienced insurance broker. In addition to ensuring you get the coverage you need, this move will also make it simpler to adjust your insurance down the road and keep your company protected as it grows and changes throughout its lifetime.
Remember that, while searching for the perfect insurance broker might take some time, finding one is well worth the wait, and you’ll be happy down the road that you put in the legwork now.

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