It’s a known fact that every business needs insurance to help mitigate risk. Frankly, for many first-time business owners, it may be difficult to navigate through the maze of available plans and providers. You might want to seek help from some of your fellow entrepreneurs, but there are commercial insurance agents out there that are familiar with a wide range of business needs and can help provide insight into what might be best for your company. They can also get you several commercial insurance quotes from which to choose from.
You can get the most affordable coverage, capable of covering multiple exposures, by starting with a business owner’s policy (BOP). This is a policy that combines both property and general liability insurance, and typically covers events that cause suspended operations (business interruption), property damage, or lawsuits in many instances.
You will likely need additional specific types of insurance, depending on the type of business you own, as well as the number of employees you have, but a BOP can provide you with some basic protection associated with some of the more common business losses.
How to get started
Keep in mind that when you first start a business, it’s important to keep expenses down. Many businesses fail because they don’t budget properly out of the gate. Prioritize what the money is going towards, and for certain expenses, go with the least-expensive option for the time being. However, in terms of business insurance, cost shouldn’t be your only consideration. Take some time and shop around for a provider that’s within your price range, but also one that offers comprehensive coverage along with business support services (i.e. risk management planning).
Whomever you choose to partner with, make sure that the agency has buying power, negotiating strength and are knowledgeable in your particular industry, with a history of helping their clients avoid potential claims. You also want an insurer that can provide reasonable commercial insurance quotes tailored to fit your needs.
Some unforeseen event, such as an accident, disability or illness could seriously threaten the viability of your business. Why take that risk? It’s important to consider what a major impact it would have on your company if something like that was to occur.