If you don’t have insurance for your business yet, you may be wondering which type of coverage is right for your venture. While you may think that paying for insurance premiums is like money disappearing into thin air, it is an important investment for your company.
For some people, insurance is smoke and mirrors. However, it is actually a safety net, and nobody needs this even more than an entrepreneur in an emergency financial situation.
Find The Right Agent
You should understand that all agents are different. There are “captive” agents that can only offer coverage from one carrier. And there are independent agents or insurance brokers that can provide business insurance policies from many insurers.
Captive agents are limited only to the policies offered by one insurer. Independent agents, on the other hand, work with many insurance providers to get a customized coverage that provides protection which best suits the needs of your company.
Full & Honest Disclosure of Information
As soon as you’ve found a trustworthy agent, you have to provide complete information about your business. Fully disclose the particulars of your business. While you may feel uncomfortable giving information that is too specific, you have to remember that your agent isn’t there to judge you. He/she just wants to understand how your company operates so they can give you a policy that would surely protect your investment.
If you are a risk-taker, you might not think that insurance is necessary. However, if you’re the opposite, you may overbuy coverage.
This is the perfect time to assess yourself and think about the “what ifs”. How will your company deal with injury claims or damages to your equipment and somebody else’s property? Will your business be able to continue and shoulder the expenses if untoward incidents happen?
Consider getting business interruption insurance if your business only generates enough profit to sustain your family.
The Bottom Line
Buying business insurance is different from shopping clothes. There are instances when it’s appropriate to shop for lower rates, but you should know what you’re compromising when you choose a cheap premium.
Business insurance provides extensive financial protection and reassurance during times of need. Before you take a course of action, educate yourself and make a sound decision based on facts.
Here at Sungate Insurance Agency, we want your business to be fully protected according to its needs. If you want to know more about our business insurance coverage, our professional team is willing to serve you. Feel free to give us a call at (407) 878-7979 or email us here. You can also request a quote by clicking here.