The purpose of insurance is to mitigate risk for your business, so a good insurance plan is a necessity. The problem is that there are a myriad of different business insurance plans in the market, and trying to decide which plan fits you best is much easier said than done. We’ve compiled a few of our best tips to help you choose your plan and get started on the right foot.
1. Understand the different types of plans.
There are several different insurance plans you’ll likely consider. These include (but aren’t limited to):
- General liability. This is essentially blanket coverage of your business. It will generally cover property damage, theft, and lawsuits (among other things).
- Property insurance. Protects your property from theft, vandalism, and damage.
- Product insurance. Have product-specific coverage. This will protect you from things like design flaws.
- Worker’s compensation. Worker’s compensation will protect your employees if they get injured on the job. This insurance is typically mandated by the state (requirements do vary state-by-state).
2. Assess your risks
You may or may not be accepted for the plan based on the risks associated with your business. Insurance companies assess your risk with a process called underwriting. The insurance company will decide to either fully deny you, give you a portion of the coverage, or cover you fully. If you’re unsure how to properly assess the risks of your business, one of the reps from Kelly Williams Insurance can help.
3. Work With a Reputable Agency
Your business insurance is simply too important to not use the help of a real and reputable insurance agency. At Kelly Williams Insurance, we’re in your corner every step of the way, and we’ll help you find the best insurance policies for your business. Get started today.