10 Commercial Insurance Tips for New Business Owners

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Last updated on: April 11, 2022
Commercial Insurance Tips

The time has come to start your new business! But before you open the doors, ask yourself if you are protected where it counts.

Purchasing the right insurance for you and your assets is an important first step in business ownership. We have made it simple by creating a list of ten tips to keep in mind when you buy commercial insurance.

1. Know Your Options

Buying commercial insurance does not have to be a confusing process. Knowing what options are available to you is the first step in choosing which protection fits your business needs. Below are some of the most popular categories of commercial insurance:

2. Use a Reputable Agent

Partner with an insurance agent if you are unsure of what options are right for your business. An experienced insurance agent will advise you on coverage, assist with claims, and streamline your shopping experience. Whether you choose to use an independent agent or an agency professional is dependent on your budget and needs.

3. Spend Money to Save Money

In business, you have to spend money to make money. But you are saving money by investing in the proper insurance. While many business owners are eager to begin their new enterprise, some forget all the costs. Remember to take your current and future insurance costs into account when you buy commercial insurance.

If you buy minimum coverage through an untrustworthy insurance provider, the coverage won’t fully protect your business in case of an accident or loss. Invest in insurance by choosing a policy that fully covers your needs

4. Invest Time into Your Commercial Insurance Policy

Nearly every business has a Business Owner Policy (BOP) that acts as the primary commercial insurance policy. It is important to invest time with your agent to discuss and plan the right BOP for your business. These policies are critical in protecting you from lawsuits or property damage.

5. Think Outside Your Own Business

Your business will inevitably experience tasks that require outside contractors to complete. Any job site can experience mishaps like property damage or employee harassment from the actions of independent contractors. Including these elements in your liability policy saves you from lawsuits and other expenses.

6. Don’t Get Caught With Hidden Costs

Hidden costs and undisclosed fees wouldn’t exist in a perfect world. But in reality, many insurance companies don’t make every detail of their commercial policies clear.

Research and find a company that honors expectations. Avoid the headaches of owing more by working with your agent and exploring the most appropriate policies for your business.

7. Bundle Your Insurance

Most insurance companies offer some form of bundle option for your protection. Bundling insurance is a great way to centralize information and expenses. You have access to many of the same benefits, sometimes at a reduced price.

If you are a small business owner, you may want a bundle that includes:

  • Personal injury lawsuits
  • Damage to business property
  • Medical expenses for injuries
  • Car accident coverage

8. Adapt Your Insurance to Business Changes

As a business owner, you understand the importance of making sure you closely track profits and losses.

Matching your insurance policies with business growth and income changes prevents logistical conflicts between you and the agency. It also ensures that what you pay stays proportional to the coverage you need.

9. Follow the Latest Commercial Insurance Buying Tips

You have spent countless hours learning and preparing for the industry you own business in today. Apply the same effort toward following commercial insurance tips and trends.

The world of insurance is always changing, and you deserve to be up to date. Continue to follow articles and news to stay informed and save money.

10. Get Help from Companies like Alchemy Insurance Agency

Expert advice and affordable insurance options from trusted agencies go a long way. By investing in recommended companies to handle your coverage, you save time and energy to focus on other business needs. Choosing resources from companies like Alchemy Insurance Agency is a great way to protect your business and employees.

Our agents and staff have provided top-class coverage to thousands of small and large businesses across the country. Alchemy Insurance Agency also offers a commercial insurance quote with no hidden costs so that you know exactly what you are paying for.

For more information about how you can buy commercial insurance, contact us today or call (484) 999-2101. Alchemy Insurance Agency in Oxford, PA, is here to help!

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