7 Things You Need to Know About Business Insurance
Starting a business is a scary venture for even the savviest entrepreneurs. There are no guarantees things will go as planned. A lot goes into running a business – how will you attract customers, what is your competitive advantage, and how will you minimize costs? The good news is you have control over each of these vital tasks.
What about the things you have no control over? Those are the instances that wreak havoc on a Pennsylvania business. Accidents, lawsuits, and Mother Nature are all unpredictable and can leave business owners with nothing to show for their efforts. Business insurance is the answer to unexpected events like these. Purchasing the right business insurance for your venture can set you up for peace of mind and financial protection during the most difficult times.
Unfortunately, not every business owner takes the time to research and purchase business insurance. Some are quick to make their decision based on price and others skip the process altogether. Business insurance is confusing. The number of available business insurance policies complicates the process too, but it is what you need to protect your Hanover, Spring Grove, or Gettysburg, Pennsylvania business.
Things to Know
Before you start shopping for business insurance, review these seven things you need to know.
Know coverage options.
There is a variety of business insurance options available for Hanover, Pennsylvania businesses. Property, general liability, worker’s compensation, cyber liability, and professional liability are just a few of the available options. Take the time to review each before you contact an agent. Research beforehand gives you a better understanding when the agent starts to discuss your options.
Insurance agents need time.
As nice as it would be, insurance agents can’t deliver quotes in minutes. They need time to review your account and submit to insurance carriers for review and approval. Start looking for insurance thirty days before your existing insurance policy expires. This assures the agent doesn’t rush through getting to know you and your business.
Let agents see your existing policy.
Give new agents the opportunity to see your current policy. Insurance agents don’t control the final price. But, they can help make sure you have the best coverage. The best agents review your coverages and exclusions and help fill the gaps to keep you protected.
Work with an independent agent.
Independent agents represent multiple companies. Having the ability to submit to several companies gives you several quotes to compare and choose from.
Review insurance yearly.
The insurance journey doesn’t stop once you purchase a policy. It is vital that you review your coverage yearly. Insurance agents that are willing to meet with you yearly to discuss changes and updates to your operations are the best. This annual meeting assures you have proper coverage and no new ventures get left in the dust.
Consider a higher deductible.
Choosing a higher deductible can sometimes save you money on your insurance premium. Ask your agent if this is the case for the companies they represent. If you can afford a higher out of pocket expense later, it makes sense to increase the deductible now.
Identify your risks.
You may not think you have any risks. You do your best to run a safe and efficient business. But, every business has some potential risk. Make a list of the services your offer your customers. Include vital details like where these services occur, what equipment you use, and how many customers you interact with daily. This information helps you and your agent recognize potential hidden risks that can result in a lawsuit later.
Business insurance is an important piece of running a responsible and efficient operation. Take the time to review your options and meet with your agent today. If you need an agent to manage your business insurance in Hanover, Gettysburg, Littlestown, Spring Grove or surrounding areas, contact Rumbaugh Insurance today at (717)632-6001.