- Understand the different kinds of coverage and determine what kind of protection you want and what is required by law.
- Review the coverage terms and make sure the policy gives you the level of security your business requires.
- Put the policy to work. Familiarize yourself with claims filing, deadlines and ways to update the policy as your company grows.
Action Steps
The best contacts and resources to help you get it done
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. Q&A's are available from the Insurance Information Institute (III) and the Independent Insurance Agents and Brokers Association (IIABA). The Nonprofit Risk Management Center provides annual webinars 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 to help determine the insurance considerations for your particular business. The American Express offers a tool to help evaluate your insurance needs and determine what polices to consider. Entrepreneur.com has a detailed insurance encyclopedia.
Get quotes
Agents and brokers sell the policy and provide support 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: 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.
Tips & Tactics
Helpful advice for making the most of this Guide
- A multi-coverage business owners policy (BOP) may be all you need, but ask about additional specialty policies, like e-commerce insurance, for your particular niche.
- Price is not everything. The lowest cost may not provide enough protection, but don't waste money on risks that your company can afford.
- The differences are fading between agents (who work for the insurer) and brokers (who work for you). But be aware if the agent is affiliated with multiple organizations or just one.
- In certain industries, reasonably priced insurance coverage is difficult to find, so organizations band together to form a pool, or a self-financed and administered group insurance program.
Reduce Risk with FM Global. Rated A+ Superior by A.M. Best.
FM Global uses a unique mix of engineering, underwriting and claims to protect assets and minimize the potential for loss. Learn more today.
Insurance | About FM Global
www.fmglobal.com
FM Global uses a unique mix of engineering, underwriting and claims to protect assets and minimize the potential for loss. Learn more today.
Insurance | About FM Global
www.fmglobal.com
The Hartford Small Business Insurance
All Your Business Insurance Needs in One Place. Free Quote Today!
TheHartfordSmallBusinessInsurance.com
All Your Business Insurance Needs in One Place. Free Quote Today!
TheHartfordSmallBusinessInsurance.com
Zurich Insurance Company
Free resources on commercial & business insurance. Visit today!
Real Estate | Dir. & Officers | Technology | Environmental
www.ZurichNA.com
Free resources on commercial & business insurance. Visit today!
Real Estate | Dir. & Officers | Technology | Environmental
www.ZurichNA.com
State Farm® Business Insurance
Visit State Farm® for Your Business Insurance Needs. Get Info Online!
Get Info Online
www.StateFarm.com
Visit State Farm® for Your Business Insurance Needs. Get Info Online!
Get Info Online
www.StateFarm.com
Free B2B search marketing whitepaper, B2B Search Marketing Strategy Guide: Advice From the Pros.
