There's a wide range of business insurance providers in today's market, which can make choosing the best one for your business a tough process. When looking for an insurance provider, you should take a number of factors into consideration. Here are some of the main points you should look into.
Not all businesses or industries face the same risks, so you'll want to look for a company that has the background and experience to handle insurance for your type of business. Also look for customer testimonials. If you expect your business to continue growing, consider whether the company offers coverage that can grow with you.
Many companies sell general liability business insurance, but it can be challenging to determine the type of coverage you'll need. Consider the risks you face in your business. Different types of businesses have different types of risk. For instance, a medical practice would need more coverage than an arts and crafts supplier.
If you have a high-risk business, seek out insurers that offer excess insurance or umbrella policies to expand your coverage. These will cover you if a claim against you exceeds the amount of your general liability policy. These are a couple of the questions you should ask yourself and/or the insurance provider:
- Can the insurer provide enough coverage for all of your assets' liabilities as well as damage?
- Is the provider's liability insurance adequate for your business's risks?
If you are a contractor or perform projects for other companies, it's important to check with your client about insurance. A contract for which you perform work may require a certain amount of insurance coverage or an umbrella policy, or sometimes a company will add you to its general liability policy to be insured on a specific project. Some businesses are required by state law to carry certain types of liability insurance, so check your state's requirements.
You want an insurer with a proven record of settling claims quickly and fairly. Check an insurer's claims process to see if it offers several options, including online tools, to submit and track a claim. The more options for submitting a claim, the better. The insurer's track record for how quickly it processes claims is also important.
You also may want to make sure the insurance provider lets you file claims 24/7. Should something happen on the weekend or late at night, you don't want to have to wait to start the claims process.
Review testimonials from people who have been through that insurance company's claims process. The insurer should have a history of high customer satisfaction. Business liability insurance companies should be responsive and supportive should you ever need to file a claim.
Other Insurance Options
Even though you may be specifically looking for business liability insurance, you likely will need other policies for your business. Those may include other liability options, like professional or cyber liability insurance, or policies like property damage, commercial auto, or workers' compensation insurance.
Finding an insurance company that can offer you all of the business insurance policies you need will save you time and the hassle of working with multiple insurers.