How to get business insurance
5 easy steps to efficiently insure your small business
Learning how to get business insurance that matches your exact needs is easier if you approach it in small steps. Follow these five time-saving steps to get business insurance tailored to your specific needs.
Do your research
When was the last time you bought something that required assembly and you ignored the instructions? How did you know it was built correctly? It’s hard to know for sure unless you followed the steps, and insuring your small business insurance is no different.
Learning about the types of business insurance is like reading the instructions. Although you may want to skip this step, as little as 20-30 minutes of research could save you time and money. You don’t have to become an expert, but a basic understanding of the coverages, regardless of business tenure, will help you make better decisions with or without professional assistance.
Assess your business
Each business has unique needs. Once you’re familiar with the basic commercial insurance coverages, you should investigate which ones best fit your business. For example, a home-based accountant may carry a basic general liability policy. However, an accountant who owns property that customers visit would be better served by a more comprehensive business owners policy, often referred to as a BOP. Although they practice the same profession, the details of their operations vary, and this directly affects their insurance needs.
Get a quote
Getting an accurate small business insurance quote shouldn’t be difficult, especially if you’ve finished the two previous steps. At Progressive Commercial, you can call us directly to get a customized quote with the help of a licensed business insurance expert. They’ll answer your questions and provide you with a quote that fits your budget. You may also start a quote online.
Review and purchase
It’s ideal to fully understand your quote and review it for accuracy, even if you’re ready to bind coverage immediately. Request a copy of your quote, and either review it with your agent or request a follow-up call from us. This quote review will allow you to better understand your policy and answer any outstanding questions.
Proof of insurance can typically be sent immediately once you bind coverage, and changes to your policy can be made anytime throughout the policy period.
Review at renewal
A lot can happen in a year. A quick reassessment of your business at policy-renewal time will allow you to make any modifications necessary to match the current state of your business. Reasons for adjusting your small business insurance policy may include:
Acquisition or sale of commercial property – If you own commercial property you should have property insurance, which is typically part of a BOP. You’ll want to investigate your options if you’ve acquired commercial property since your last policy update.
Hiring employees – All businesses who have employees need workers compensation coverage.
Increased business risk – You may consider increasing coverage as your business grows or becomes involved in higher risk projects. For example, a contractor who increases his client base from 10 accounts to 20 accounts might want to increase his liability coverage to accommodate the increased risk.
Downsizing – Only pay for what you need. If your company sold assets or eliminated employees, remove unnecessary coverage.
Learning how to get the right amount of business insurance isn’t as complicated as it might seem. Check your eligibility for a business insurance policy. You may also contact us directly or start a quote online.