4 Ways to Evaluate Small Business Insurance Quotes
The right combination of insurance policies forms a financial safeguard against circumstances that could threaten the viability of your business. However, it can be difficult to know what types of coverage best fit your company's unique risks. Small business insurance quotes with similar price points can offer completely different coverages. Here are some things to think about the next time you search for small business insurance quotes.
Keep an Eye on Deductibles
Your deductible is the amount of money you will have to pay before your insurance coverage kicks in. Business owners who accept high deductibles must be willing and able to take on the extra financial burden if a covered event occurs.
Lower deductibles usually mean higher monthly premiums. However, this is not always the case. Be sure to compare deductibles alongside monthly premium quotes to ensure you're prepared if disaster strikes.
Consider Special Coverages
Every business has different insurance needs. The company you choose to work with should be able to offer a comprehensive package of policies that address the most common risks in your industry. For retail businesses, this could mean things like product liability and expanded commercial property options. A psychologist who offers services to the public may need professional liability insurance to protect them from claims of negligence or malpractice. Entrepreneurs with their hands in multiple projects might need umbrella insurance to ensure all of their holdings stay financially safe, no matter what happens with market conditions.
While you can get additional policies with other companies to fill in the gaps, the savings in financial costs and mental irritation make it worthwhile to consolidate your coverages with one company.
Think About the Fringe Benefits of Small Business Insurance quotes
Of course, insurance policies are meant to provide funds when a covered event occurs. However, some companies offer more than insurance contracts. Think of the things that are important to you while conducting business. Do you value superior customer service with multiple contact options? Do you prefer a local agent who has a better understanding of the business conditions you deal with than a representative from a national company? Perhaps you want to combine all of your personal and commercial policies with one firm for added convenience?
Some companies offer discounts, association memberships, and other perks that can enhance your business prospects. These questions should be top of mind when shopping small business insurance quotes.
Cut a Deal for Discounts
Your monthly premium should be the last thing you consider when choosing a commercial insurance package. The details of your small business insurance quote should be the main focus of your investigation. Once you've found the right coverages, there are ways to negotiate a friendlier premium.
Many companies are willing to offer breaks to customers who take steps to reduce their risk. Certain types of property repairs and upgrades, security installations, and special training and certifications could add up to big savings on your insurance premiums. Talk to your potential company's agent for a personalized assessment of your situation. In this way, companies that offer a higher initial quote may actually cost less than one that starts off lower.
Brashears Insurance offers policies that are tailored for your business and budget. Contact us for more information on building an effective defense against catastrophy with commercial insurance coverage.