Whether you are a lawyer, contractor or restaurant owner, you want to make sure you have the right business insurance that covers you for all relevant risks.
Fortunately, there are many options available, and with a few simple steps, you can pin down what you need and have your agent find coverage that will keep you and your business protected.
Know your risks
Identifying your risks is the first step you take when purchasing any type of insurance policy. You need to know what your most likely exposures are, and the amount of money it would take to cover them. Insurance underwriters will assess these same elements when writing your policy, looking at the types of risks involved with your particular business, your business location, and more.
Choose a policy type
There are many types of insurance policies for small businesses, and after determining your risks, you’ll be in a good position to choose the right one(s) for your needs. There are coverages to protect against lost, damaged, or stolen inventory or equipment, damages to your business location or to vehicles, or other items you may not even think of, like employee fraud. And of course, every small business owner wants to protect themselves with liability insurance in the case of a lawsuit. This could apply to situations like a slip and fall in the workplace or accidental property damage caused by an employee.
For low risk businesses
A business owner’s policy is an affordable option for small business owners with lower levels of risk. It combines several normal types of coverage into one policy. A business owner’s policy is designed to address various common property and liability exposures. While a properly configured business owner’s policy is a key component of your firm’s insurance protection, additional specialty policies may be needed to address specific coverage needs.
Review your coverage annually
As your business changes each year, whether by growing in terms of customers, employees, or new equipment, you’ll want to make sure you are fully covered against any potential new risks. You should review your coverage with your agent at least once a year, and more often if there are significant changes in your operations. You don’t want to be underinsured in the case of a claim.
Business insurance is a necessary part of doing business. However, it need not be complicated. At John B. Wright, we take the time to identify your specific needs based on a thorough risk analysis. We then shop the nation’s best carriers on your behalf. Our coverage recommendations are geared to your business and yours alone. Our insurance professionals will explain your coverage options in detail. It’s important you leave our office with peace of mind in knowing your business and personal assets are protected. For more information on business insurance contact us here.
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