How to Get Great Results When You Shop for Business Insurance

by Josh Biggs in Business on 5th December 2020

Are you looking for ways to lower the rates of the business insurance that you invest in? Do you want more peace of mind while your staff works to complete projects? If so, then you need to look into how to get great results with the business insurance you find.

Doing so can help you in a variety of ways. It can simplify your insurance, ensure that you have all of the proper coverage, and even lower your rates in the process. 

Be sure to see below for an in-depth guide on how to get superior insurance without sacrificing any of the major factors.

1. Find Specialty Insurance

If there’s one common misconception about business insurance, it’s that the term “business insurance” is an all-encompassing topic. However, that couldn’t be further from the truth.

The insurance needs of a logging company are going to be vastly different than that of a retail goods store. They need insurance for logging mills, workers’ compensation, and so much more. 

The key is to find insurance that prioritizes your industry. That way, you can ensure that all of your needs are being met. It can also assure you that you aren’t paying for anything that you don’t need to be paying for.

The options that you have can be provided through an insurance company that understands your industry better. They can provide commercial property insurance, equipment breakdown insurance, commercial auto insurance, umbrella insurance, and so on. 

The more that a coverage provider understands the inner workings of your business model, the more benefits they can offer you and your team.

2. Understanding the Different Coverages

Odds are that you’ve heard of all different types of business insurance, but what do they all do, and why are they necessary? Knowing that can help you determine whether or not it’s crucial for your business.

Here are a few of the most common business insurance policies. Be sure to consider them in your business model:

  1. Workers’ Compensation– helps provide coverage if a worker is injured or becomes ill on the job site. Its main purpose is to provide financial relief for the worker and all of the medical bills they accrue while trying to get back to 100-percent health.
  2. General Liability– this is a form of protection from third parties. They might claim that your operations led to damage or injury and seek compensation for it as a result.
  3. Equipment Breakdown– as the name would imply, this form of insurance is meant to help you as your equipment depreciates. If the equipment were to suddenly stop working on the job, this policy can help you cover the costs in the short term.
  4. Commercial Umbrella– have you ever had (or feared) a situation in which you go to file a claim and find that you still owe a substantial amount on your end? If so, commercial umbrella insurance can help you cover that cost to give you more financial relief.

By knowing these ahead of time, you’ll have more confidence and knowledge as you search for the right price point and the coverage amount.

3. Assess Your Risks

Every industry has risks, some more than others. If you’re a logging company, then your labor-intensive company is especially at risk for some major emergency situations.

This could be in the form of emergency equipment situations, such as when the equipment breaks down or suddenly stops working. It could be in the form of an injury, such as when an employee drops something and injures themselves.

Injuries and accidents are bound to happen, so it’s important to have the proper insurance in place when that occurs. That way, you can provide financial relief for yourself, your company, your workers, or a third party that suffers a loss.

Remember, don’t ignore the risks just because you’re looking to cut costs where you can. There are other ways to save, such as bundling your insurance.

4. Don’t Focus Solely on Deductibles

Many businesses sabotage themselves by focusing solely on the deductible amounts that they might have to pay in the future.

While it’s smart and advantageous to equip yourself with insurance in case of an emergency, there is a chance that an emergency never occurs. Why pay more on your monthly premiums for a lower deductible you may never use?

Instead, focus on finding a balance between a reasonable monthly premium, great coverage, and a fair deductible. That way, you’re setting yourself up for the long term with your provider.

5. Find a Trustworthy Provider

If you really want to ensure that you’re getting a high return on your investment, then only work with the best business insurance providers out there.

You can use online reviews to get a behind the scenes look at how the provider has handled situations in the past. Previous and current clients will have left comments about claims they’ve made in the past and whether the provider was accommodating or not.

The goal here is to find a provider that you can build a business relationship with. The happier you are with them, the longer you’ll stay with them, and the more that you’ll save in the long run.

Find Great Results By Using These Helpful Tips

Now that you have seen a helpful guide and several tips on how to achieve great results with the business insurance provider that you find, be sure to use them to your advantage.

Take the time to think through all possible outcomes. What are the risks of your industry? What coverage do you need? What does your budget look like on a monthly basis?

Be sure to browse our website for more articles on business insurance, as well as many other helpful topics that you will enjoy.

Categories: Business