Your business insurance needs are unique to your company. There’s no one size that fits all. Whatever industry you’re in, you’ll need liability coverage to protect you against the lawsuit. Other coverage types you may need include commercial auto insurance to protect the vehicles your business owns and workers’ compensation insurance to pay for medical treatment and lost wages of injured employees.
Determine what coverage your business needs. Talk to your agent.
Business Risk Assessment
Your agent will help you determine the risks your business face. Some you may already know, while others you may not have realized until you talked to your agent. He/she shall review your insurance application and determine whether you’re properly covered.
Keep in mind that your policy will have a deductible and a premium. The deductible is the money you pay before your policy covers you when making a claim. Meanwhile, the premium is the amount you pay for the coverage. Higher deductibles translate to lower premiums, but higher out-of-pocket costs. That’s why it’s important that you determine a deductible that you can afford in case of a covered claim.
Assess your risks yearly. Note that your liabilities can grow as your business grows as well. It wouldn’t be smart not to have enough coverage in the event of a disaster. So be prepared to call your agent if you have a new equipment in place or you decide to expand your business.
Consider getting umbrella coverage. Such coverage protects your company above other liability coverage. This covers expensive claims that are more than the limits of your standard policy.
To know more about business insurance, talk to one of our agents here at Vianca’s Insurance & Financial Services. We are in the business of helping individuals find the lowest rates possible for business insurance. We offer free quotes that you can get within minutes by clicking here. Discuss your options with us! Call us at (619) 799-9443 or visit us today!