What Coverage Questions Should I Ask My Agent?

You want to make sure you get the best insurance coverage for your company. But what are the right questions to ask? Use the questions below as a jumping-off point for your discussions.

Is commercial insurance right for me? Business owners often believe they can skate by without insurance at the beginning. This can be a costly assumption. Even the smallest business should have adequate insurance coverage to cover any issues.

What types of coverage do I need? Every business has unique insurance needs. At minimum, most companies require property, workers’ compensation and general liability insurance. Your specific operations and type of industry will determine which other policies are needed for your business.

Is a business owner’s policy (BOP) a good idea for me? A BOP is a bundle of policies that provides basic coverage for businesses. You may be able to choose this package to save on insurance, but depending on your operations and type of business, you may need more coverage than what is in this starter policy.

What questions should I ask about property insurance? Ask how much insurance you will need to cover your commercial property. Be sure to have coverage for equipment, inventory and intellectual property.

What about policy limits? When you’re thinking of insurance, you should think of policy limits and how much the policy will pay out as a maximum. When considering policy limits, you should also be cognizant of whether the limits will be enough to cover true losses in the event of a catastrophic or major event.

Does an umbrella policy make sense for me? You may want to consider commercial umbrella insurance if a basic policy doesn’t give you sufficient coverage in certain circumstances. A commercial umbrella insurance policy extends your liability coverage when a basic policy falls short. For example, if you are found liable in a costly lawsuit, an umbrella policy will protect your assets.

What about the claims process? Knowing the proper steps to file a claim and who to contact with questions is key. Ask us about how this process works so you can know these details in advance. In the event you should need to file a claim, you will have a smoother experience.

What ways are there to pay? For coverage to commence, you must pay your insurance premium, either as a lump sum or in monthly installments. Both of these methods have their advantages. We can help you determine which is the best payment plan for your business.

How can I save money on my insurance premiums? Lowering your risk factors can help lower your premium. Two common solutions are employee training and security systems. We can provide you with additional tips for lowering premiums and reducing the number of claims.

These questions are a good place to start when determining your insurance needs. Our office is ready to help answer any more questions you may have and guide you to the best options for your business. Call or email us today.