You felt great pride on the day you launched your business and with good reason. Becoming an entrepreneur may be part of the American dream, but it’s also an awful lot of hard work. With your business successfully launched, your thoughts probably turned to how to protect it. Although purchasing various business insurance policies is an obvious solution, knowing which policies to purchase and for what amount of coverage can be challenging. Before you choose one, it is best to know how to compare insurance policies.
Common Types of Business Insurance
Every company is unique when it comes to the type of insurance that suits it best. Below are some of the types of coverage that we offer at Compass HCM and that we urge all business owners to consider.
- Business Property
- Commercial Auto
- Cyber Insurance
- General Liability
- Professional Liability
We also offer several other types of business insurance products that we would be happy to review with you during a personal consultation. When searching for insurance coverage for your company, we recommend that you start by finding out the types of coverage each provider offers, the premium amount, any deductible you must pay, and the amount you can expect for a payout if you need to make a claim.
Compare Insurance Policies by Reading Customer Reviews
Any insurance agent can play up their products and company to highlight customer satisfaction and downplay any legitimate concerns that consumers may have. The best way to get a true indication of the value of an insurance company’s products and to understand how agents treat customers is to search for third-party review websites. These websites are not affiliated with the insurance provider in any way, so you can expect the reviews to be impartial and truthful.
Another thing to consider is the financial strength of the insurance company. You want to make sure it has enough money to pay your claim if you ever need to file one.
Will You Receive Bundled Savings?
Many insurance companies offer discounts to customers who purchase more than one product. This practice is known as bundled savings. As you compare insurance policies, be sure to ask about the possibility of bundled savings if the agent doesn’t offer it upfront.
Consider why premiums may be lower
While you certainly want to save money, you don’t want to buy a business insurance policy only to discover that it doesn’t offer the coverage you need to protect your business assets. One company may offer you a lower premium, while another company may offer you better protection. You need to determine which is most important to you before agreeing to buy a business insurance policy.
Make Sure the Policy You Choose Can Grow with Your Business
Your business may be a small, one-person operation now, but that won’t necessarily always be the case. Since business insurance coverage typically extends for one year before coming up for renewal, consider insuring your small company for a little more than it might need to accommodate its expected growth.
Compass HCM is Your Small Business Insurance Solution
With roots in the Lowcountry of South Carolina, Compass HCM has a first-hand understanding of the local business culture. We invite you to contact us to request a consultation. As we learn more about you and your business, we will recommend the ideal coverage to keep your customers, employees, and tangible assets safe.