If you are a business owner and you already have commercial insurance check out my blog on the best way to get renewal quotes: Three Common Questions About Getting The Best Renewal Quotes, but if you have never purchased commercial insurance read on to find the three simple steps you need to get the best policy possible.
It’s hard to believe but your dream has come true and you have started your own business; congratulations, all of your hard work has finally paid off. While there is so much to be excited about there are also some very important decisions to make and perhaps none more important than how to protect your business if the unthinkable happens. While a common misnomer is that insurance is a “necessary evil” it is actually an extremely important factor in the long and short term success of your business. With these three simple steps you will be on your way to finding a policy that is perfect for you and your new company.
Step 1 Make purchasing your Commercial Insurance a Priority and not the last thing to get done:
I hear it all the time and cringe, “we have everything done except the commercial insurance and now I need to get coverage as soon as possible, can you help me?” Honestly I am cringing just thinking about it. I cannot stress this step strongly enough. Before you are the one making this call here are some points to consider:
- Commercial insurance is vital to your business and personal life: This cannot be overstated; without properly placed commercial insurance all that you worked for in starting your new business can be lost if a claim occurs. Further, in some situations your personal assets could also be effected as well. This is why commercial insurance is critical and should never be bought as an after-thought.
- The Commercial Insurance required for certain businesses could make you reconsider: While not the case for most businesses the cost of insurance for some high risk occupations could be a determining factor in whether you chose to start the business or not. For example the insurance costs for a new trucking company typically exceeds $10,000 a year for the first two years and possibly longer. This knowledge is critical information for any new trucking company owner to consider before going through all the other steps to get the business started and then not be able to afford insurance.
- Insuring a new business can sometimes be challenging and require additional time: When getting a commercial insurance quote for a brand new business it can often take a little longer. The reason is that many insurance companies are not as willing to offer a quote to start up business. This is nothing for you to worry about; a quality commercial insurance specialist will be able to help, but it may require some additional time which is another reason why it’s important to start looking for commercial insurance early
Step 2 Choose the right Commercial Insurance agent to partner with:
It’s always important as a business owner to take the decision of where you get advice seriously. One of the most critical advisors you have is your commercial insurance agent. It’s important to find an agent that only specializes in commercial insurance. In addition it is best to work with an independent agent who can access multiple different insurance companies to provide you with a variety of options and choices. Lastly make sure the commercial insurance professional you work with is knowledgeable, easy to work with and willing to help. Part of the job of a commercial insurance agent is to act as trusted advisor for his or her customers. If the agent you are working with seems rushed or unwilling to discuss any questions you have it may be time to look for another agent.
Step 3 Help your agent get the best quote for you:
One of the best things that you can do to help your commercial insurance agent get the best quote for you as a new business owner is create a resume. By putting together a resume showing your professional experience it will help your commercial agent show the insurance companies that you are a competent new business owner and that you deserve the best quote possible.
To sum up, insurance is one of the most important considerations for any business owner whether you are just starting out or have been in business for decades. By partnering with the right commercial insurance specialist this pivotal piece of your business does not have to be hard or confusing. By following these three steps it will help you get off on the right track to starting a successful business.