Insurance

Understand the terminology You need to know how risks are defined, what coverage you are getting — property/casualty, liability, workers compensation — and the policy terms.

I recommend:  The U.S. Small Business Administration (SBA) provides a guide with an insurance-needs checklist and glossary. Click-through subjects and Q&A's are available from the Insurance Information Institute (III) and the Independent Insurance Agents and Brokers Association (IIABA). The free tutorial from MyOwnBusiness.com includes a section on buying insurance. The Risk and Insurance Management Society (RIMS) offers two-day seminars and the Nonprofit Risk Management Center a Webinar on the fundamentals.

Determine what you need Examine your company's risks before shopping for a policy so you are ready to answer the insurer's questions.

I recommend:  Insure.com offers a Small Business Liability Tool as well as a Workers Compensation Insurance Law Tool that lead you to the specific considerations that affect what kind of insurance you need. The American Express online quiz determines what polices to consider. Entrepreneur.com has a detailed insurance encyclopedia. And if you are debating business interruption coverage, Zurich has a cost calculator.

Get quotes Agents and brokers sell the policy and provide services after the purchase. Online quote requests enable you to compare multiple instant options to get the best price for the best coverage.

I recommend:  Mega broker Marsh has an online form to request a quote. Multiple quotes can be compared after filling out online questionnaires from NetQuote.com, LowQuotes.com or USInsuranceOnline.com. Prefer to have a face-to-face relationship with an insurance agent? The Independent Insurance Agents and Brokers Association (IIABA) has an online agent/broker finder. And the Insurance Information Institute (III) has a simple Insurer Finder tool, searchable by state. Before you buy, check the insurer’s rating with A.M. Best.

Use the Services Most insurance companies, agents and brokers offer online services to reduce risk, file claims and monitor your account. Check out what is offered and choose the company that offers the extras that you need.

I recommend:  Zurich (an insurer) demos its suite of online service options, and the Nonprofit Risk Management Center gives a tour through its affordable, independent software program.