Tips for Buying Business Insurance

Shopping for your business's insurance policy? Here's what you need to consider first. No two businesses are alike. Similarly, no two companies share the same risks and threats that can impact the stability, finances, and staff. Buying business insurance for your small company can be a frustrating process. Finding the right policy can feel like you're looking for a needle in the haystack. In actuality, giving up and settling for a mediocre policy can do more damage to your business than it can good. Before you select one with a low premium and minimum coverage, here's what you need to know about buying business insurance.  Look past the premium. Expenses are important to your business, and you will want to keep to a minimum. For small business owners with limited budgets, it can be tempting to make a decision based on the price. Keep in mind that you're purchasing insurance to protect your business. Always look at a policy to ensure that it doesn't leave out coverage you may want later on and that it has high enough limits to suit your company. Evaluate the policy for gaps. The defining details of each policy are inclusions (covered events) and exclusions (events that your insurance won't account for). Pay attention to these items because they determine the terms of your coverage. For instance, when reviewing coverage for commercial auto insurance you'll want to check that you have insurance for bodily injuries, property damage liability, collision coverage, uninsured motorist coverage, and personal injury protection. Understand limits and deductibles. Your policy limits are the stated amount that your insurance provider will pay for a specific event, instance, or claim. Your limits ultimately decide the extent of protection your business receives for liability lawsuits and other losses. While you check your limits, ensure that your deductibles are well within your business's monthly budget. Skip the search of finding the right business insurance in your area to suit your needs - contact Club Agency to find out how our protective policies can meet your business' needs.