Getting Down to Business – Insurance Edition 

 

Congratulations! You’ve created a solution to a much-needed problem and now you’re ready to make money while solving it! What could possibly go wrong…?

 

Just like most accidents, they can be hard to predict and even harder to bounce back from. It’s important to have your business insurance set up correctly and before your business even makes its first sale. Here’s some points to consider as you’re looking into protecting your business:

 

When should I look at getting insurance for my business?

It is important to obtain business insurance for your business as soon as possible, ideally before you officially launch or start conducting business operations. This will ensure that you are protected in the event of any unforeseen circumstances or incidents that may occur. It is always better to be proactive and have the necessary protections in place to safeguard your company and assets.

 

How should I go about shopping my insurance?

The absolute best way to shop your insurance and get educated on best practices, is by connecting with a trusted business insurance advocate. These ingenuous professionals, like the ones at NTI, can confirm what coverages are required for your business and even some helpful ones you may never have even heard of! The more informed you are, the better decisions you can make to protect your future blood, sweat and tears.

 

Preparation for meeting with your insurance advocate:

1. Understand your business needs: Before you start shopping for insurance, it is important to understand the specific risks and liabilities your enterprise will face. Do you have employees? Do you have a physical location? Do you offer professional services? These factors will help determine the type of coverage you need.

2. Research different types of insurance: There are several types of business insurance, including general liability, property insurance, professional liability, workers’ compensation, cyber liability insurance and may others. Research each type of insurance to determine which ones are necessary for your business.

3. Review the policy details: Before purchasing a policy, carefully review the coverage limits, deductibles, exclusions, and terms and conditions. Make sure you fully understand what is covered and what is not covered by the policy.

4. Consider bundling policies: Some insurance providers offer discounts for bundling multiple policies together, such as combining general liability and property insurance. This can help save you money on your overall insurance costs.

5. Evaluate the financial strength and reputation of the insurance provider: It is important to choose an insurance provider that is financially stable and has a good reputation for customer service. Check online reviews and ratings, as well as financial strength ratings from agencies like AM Best or Standard & Poor’s. Your agent can offer additional details to help!

6. Review and update your insurance coverage regularly: Your business insurance needs may change over time as your it grows, or as new risks emerge. It is important to review and update your insurance coverage regularly to ensure you are adequately protected.

Business Insurance Policies & Beyond!

Shopping for business insurance can be overwhelming, but it’s an essential part of protecting your company from unforeseen risks and liabilities. Connecting with a professional who can understand your product or service and help you protect it will do two things for you. One, give you significantly more peace of mind. And two, helps leverage the right coverage, for the best price!

As your business evolves and expands, North Town insurance will be there every step of the way to make your life as easy as possible, at least when it comes to your business insurance!

Check out our Business Insurance FAQ for even more helpful tips!

If you’re looking for a fresh and engaging insurance experience, visit the group at Northtown Insurance for all your insurance questions and needs!

Fine Print: This is a general overview with the intention of bringing awareness to coverage options and general industry standards. Coverage varies between carriers and states. Check your policy for specifics.