Starting a business is all about the details, and insurance is one of many. For those who have never had to face business insurance purchases, knowing what is needed and how to get it matters a great deal for any business. Here are four items that should be at the top of the list when looking for a policy.
1. A Reputable Agent
For those who feel lost when it comes to insurance regulations, a reputable agent in their area can be a big help. Their job is to know what is mandatory for the locations they serve, and they can help business owners understand their needs. When it comes to coverage, the government requirements must be included. There are also risks in every business that should be considered. A good agent will advise getting at least basic coverage to begin, and they will review the policy every year to keep it updated.
2. Risk Evaluation
No matter what type of business is being started, it will have risks. They can be as simple as a customer coming in and slipping, or they can be as complex as workers being injured on the job. Not all states require small business insurance, but a realistic evaluation of potential areas where insurance coverage might be necessary can save a new business from liabilities in the long run.
3. Coverage and Deductible
It can be a shock to find out the cost of business insurance is greater than what is in the budget, but cutting coverage and upping the deductible is often a mistake. While it might be nice to have that extra cash on hand when nothing goes wrong, only one incident can take it all away. Make sure there is enough coverage on the business policy to cover whatever might really occur and keep the deductible within the range of what is affordable when an incident happens.
4. Read the Policy
There seems to be a good deal of fine print in every insurance policy, and knowing what it says can help when an accident or injury occurs. It will take time to read it all, but it could be the best investment any business owner can make.
If you would to like to discuss your options for business insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.