Anyone who has looked into insuring their business knows there are many options out there. It’s not just the insurers you need to research, but all the available coverages as well. To help you find the insurance coverage and provider that’s best for your business, we’ve put together a four-part video series. Feel free to skip to the section that interests you the most and enjoy the show!
- Part 1 – Introduction
- Part 2 – A breakdown of the different types of insurance coverages a small business might need
- Part 3 – What to look for when choosing an insurance company
- Part 4 – More resources to help you make your insurance decision
Part 1 – Introduction
You’ve poured time, money, and energy into your business which is why it’s so important to protect it. That’s where TruShield comes in. We’ll help you figure out the type of coverage you need and where to get it, so you can get back to focusing on running your company.
Part 2 – A breakdown of the different types of insurance coverages a small business might need
There are a lot of insurance options, and deciding which ones are best to help protect your business can be difficult. So, we’ve separated the process into a few simple steps.
First, ask yourself a few questions about your business. How many employees do you have? What type of property do you have? How much revenue do you generate? Your answers can help identify what type of business you run and the type of insurance you’ll need.
Second, consider what kind of coverage options your business would benefit from. Key person or buy/sell insurance can be helpful to protect the people who are critical to your business, like employees, partners, or investors, should they fall ill. Having group benefits, disability insurance, and critical illness insurance can also help you attract and retain a great team. In order to protect your property, commercial property insurance is useful and commercial auto insurance will help protect your company’s vehicle(s). You should also insure business-related equipment you keep in office with equipment breakdown insurance, too.
Next, you need to consider customers, vendors, and visitors to your business. Commercial general liability insurance is designed to cover injuries or property damage to third parties that visit your business’ property. Product liability insurance is designed to protect you if a product you make and/or sell is found to be defective, and professional liability insurance can help cover certain legal costs or expenses if problems arise due to errors in your work.
The only thing left to think about is your bottom line. If you experience a large fire or your equipment breaks down and you’re forced to temporarily shut down your business, business interruption insurance is designed to reimburse you for your lost income until you’re back on your feet.
Part 3 – What to look for when choosing an insurance company
Just as small businesses are unique, so are the insurance companies that protect them. Making sure you choose the right insurer is very important, and there are a few things to consider when deciding.
Flexibility is important. A good insurer will customize your policy to suit your needs and make quick adjustments as those needs change. Next, consider a company’s reputation. Just because their website says they’re reputable doesn’t necessarily mean it’s true. Talk to other business owners about who they trust, and if you’re part of an industry association, see if they have a recommended insurance partner. You may even be eligible for a member discount!
A good insurer will customize your policy to your needs and make quick adjustments as those needs change.
Another important factor to consider about a potential insurance company is their level of service. You provide your own customers with a high level of service and you deserve that treatment in return. Ensure you find an insurer who is available during your work hours and who will respond quickly when you have a question or need to file a claim.
Lastly, make sure you’re getting good value. It’s important to be cost-conscious, but you also don’t want to cut any corners. After all, that approach may cost you more in the long run. Cheap insurance may not provide the protection you need, and it may not let you change your policy as your business grows.
Part 4 – More resources to help you make your insurance decision
These videos are just a brief overview of the key things to know when insuring your business. Protecting the business you’ve worked so hard to build is important, so consider taking the time to learn what else you can do to help ensure a bright future. If you’re interested in learning more about what TruShield can do for you, visit our business insurance page for more details.
This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information. Terms, conditions and exclusions apply to coverage. See policy for details.