Business insurance should be one of the first purchases you consider after you decide to start your own business. But it’s not enough simply to buy “business insurance.” Waukesha business owners need to buy the right kind of business insurance for their particular company based on the industry they are in.
- Select the right Business Insurance – You’ll probably need several different business insurance policies. Business insurance policies are written to cover specific types of situations. The type of business you’re in will determine what kind of insurance you need.
- State Statutes determine what kind of Business Insurance you need – Every state is empowered to set the rules for what kind of—and how much—insurance a business is required to have. Find out about the specific types of risk and the coverages your state requires with your independent insurance agent.
- Business Insurance costs vary among insurance carriers – Don’t assume that the business insurance quote you receive from one insurance carrier will match the quote you receive from another! Shop around for the best deals to get the most coverage for the least money.
- Think you can’t be sued? Think again – You could be in an accident while driving for your business. A customer could be injured on your premises. A client can claim your work was negligent and cost him/her money. General liability business insurance can protect your business against these types of claims.
- Your homeowner’s insurance doesn’t cover your home-based business – Personal insurance can’t be used to cover claims against your business.
- Insure your business against the loss of … you – Overhead insurance will pay rent, utilities, payroll, and other necessities if you’re ill or injured.
- Consider an “umbrella” policy – An umbrella policy is your “catastrophic care” coverage for your financial health.
- Insure against business interruption – Business interruption insurance covers business-related expenses during down time after a natural or man-made disaster, and can also reimburse you for lost profits.
- Reduce business insurance costs with higher deductibles – Higher deductibles mean lower insurance premiums, but be prudent: you don’t want to leave yourself with too little cash at hand when you might need t most!
- Review, review, review – Don’t buy insurance when you open your business and ignore it as you grow. As your business becomes more successful or adds new products, services, employees, and locations, you’ll want to assess the kind and amount of insurance you’re carrying.
Your independent insurance agent can help you make a realistic assessment of your financial risks and advise you which of the many types of insurance you will need to give you maximum coverage with the least financial investment. Remember that with the right kind and amount of business insurance Waukesha business owners can feel confident that their businesses can weather whatever financial storm may come their way. Having the right insurance in place at the right time can be the key to making sure your business is a survivor.
