The reason you are in business is to create value in commodity or service delivery as well as profit from it. To do this, you must first protect your investment. The money, time, and effort you spend in building your business can all be lost in a flash. It is for this reason that business insurance exists. That said, not every business liability insurance is meant for you or your business structure. You must ask the hard questions before committing to any particular business insurance agency.
Understanding Business Liability Insurance
For you to engage the insurance agency efficiently, you must first know what business liability insurance is all about. In its simplicity, business liability insurance covers your business from the risk of loss resulting from lawsuits from stakeholders including clients. In the course of operation, companies are always at risk of causing some form of loss, injury, or even damage to other people and their properties. Without proper insurance in place, such risks can ground your business.
The Questions to Ask Your Business Insurance Provider
Your business, just like any other, has its own unique set of needs in risk coverage and management. The provider suitable for your neighbor next door, may not be ideal for you. Therefore, you need to ask your potential insurance agencies some pertinent questions before settling on an insurance provider.
What is Your Background and Experience in My Area of Business?
Many business owners, especially the small and medium ones, tend to seek insurance advice and covers through their personal insurance providers. Understandably, this is quite an easy and convenient route. However, your personal insurance provider may not have the right background to provide the cover your business needs. This may leave you exposed to different kinds of risks in your business. Ask for the type of clients the insurance agency is currently servicing and how they will exactly fit in to cover your specific business risks.
What Packages Do You Have?
Established insurance agencies such as DC Insurers have a broad portfolio of business insurance products. As a business owner, you have to go through each of the packages and ask the agency’s representative how well the packages fit your business needs and risk profile. Go for value for your money.
How Adequate is Your Liability Insurance Cover?
It is not enough to know that your insurance agency provides cover for businesses. You have to go beyond to assess the adequacy of such cover with your business in mind. For instance, the liability insurance may omit specific items your company is exposed to, and this means you have to find another cover for that or leave your business exposed.
How Long-Term are Your Insurance Solutions?
Your business will grow beyond the here and now. As such, the insurance agency must explain to you how they will accommodate your growth and what additional products they will provide you with at each of your growth stages. You need an insurance company that will stick with you and accommodates your business aspirations.
What is Your Claiming Process and History?
Knowing the claims process is the final consideration which you cannot wish away. As a business owner, your prayer is that you continue to operate without having to encounter the adverse effects of risks, but it is important to be practical. Find out what it takes regarding time and stages to process your claim, and how many claims in terms of numbers and monetary value the insurance agency has paid to date.
Getting the right insurance means so much for your business. Take time to shop for an appropriate cover that will see your business assets and liabilities covered.