The list of do’s and don’ts when it comes to owning your own business is long. At the top of that list of do’s is to budget for adequate insurance to cover your business from the unexpected. This will ensure if something does occur you are covered and will not lose everything you have worked so hard to accomplish.
When looking into insurance for your business there are some things that will help you lower your risks and obtain insurance that fits your company’s needs.
The do’s of purchasing business insurance
The first and most important tip in purchasing insurance for your business is to find an agent with is expertise in all types of insurance policies. An agent with experience is necessary when it comes making sure you have enough coverage for your business.
Your business insurance coverage should include all the basic coverage such as property insurance with equipment coverage, auto insurance on business vehicles, workers compensation and general liability. It is important to make sure the coverage that you purchase is inclusive of all of this.
When you finally do get insurance for your business it is important that you store all of your business records including all insurance paperwork together off site. This way if something does occur all the necessary paperwork is in a place you can get too easily and claim your money without difficulties.
It is important to know who the insurer is as well. Do research on the company that you plan on getting insured through. It is important to know who you are working with when it comes to insurance and every decision in business.
The don’ts of purchasing insurance for your business
When it comes to insurance for your business never go without. It may seem like a good idea due to a limited budget to go without insurance to save money but it is never a good idea to go without insurance. If a catastrophe occurs and you are under-insured or not insured at all then all your efforts will have been in vain.
It is also important to disclose all information to your insurance agent upon getting insurance and when any changes are made to the business. You need to keep your insurance agent up to date on the changes with your business to make sure that you are never caught without enough insurance.
Tips to help lower business insurance premiums
Insurance premiums, even those in business, are based on the risks involved in the business. Agents will make evaluations on your business to determine the profit and losses involving your business situation. In order to bring your risk down, therefore lowering your premium here are some general tips.
Make sure the lighting in and around the office and premise is more than sufficient. When people can see the world around them they are less likely to have an accident.
Keep the office’s electrical wiring, equipment and all machinery in mint condition. When the office machines and equipment is kept in good condition, the result will be that the overall condition of the office will be better. A clean, well-kept environment within your business will result in reduced premiums. When everything is kept in prime working order and kept organized the environment in general is safer.
Install safety devices such as smoke, fire and carbon monoxide detectors throughout the business setting. An alarm system and sprinkler system that is monitored will also help to lower premiums.
As stated above, in regards to paperwork make sure you keep everything associated with the business. Every purchase that is made along with upgrades to the premise, equipment and such should be documented and kept off premise.
The most important thing in regards to business insurance is to budget for the appropriate amount and variety you will need. Everything from workers compensation to general liability will help to protect you in case of an incident.