Insurance is definitely not on the list of a small business owner’s favorite things. As a small business owner, you would most likely be more concerned about making things work and trying not to overburden your business with expenses but insurance is something you really cannot do without.
I often love to compare running your business without insurance just because you don’t want to overshoot your budget to cutting off your nose to spite your face. While it may work out for you for some time, it may lead to a lot of regrets in the future. It is always good to get insurance coverage for your business no matter how small or big.
As a small business owner, you would most likely be looking for two basic things in an insurance quote; an insurance policy that is easy to obtain as fast as possible and one that is also cheap. While it is good to always go for the most affordable policy for your business, you must also be very smart about this because sometimes the cheapest quote would not offer the best protection.
Before, the fastest and easiest way to get good insurance quotes for your business was by visiting an insurance agent or broker who would give you quotes based on your needs but that posed some limitations in the sense that you may not have access to the best policy out there, you would only have access to what the agents would provide you with but thanks to the internet, you can now do a lot of research and investigation, get quotes for your small business and compare them online. Here are the steps to take to help you get the best small business insurance quotes online-:
9 Steps to Finding the Best Small Business Insurance Quotes Online
Table of Content
- 1. Know what you are looking for
- Property coverage
- Liability coverage
- Employee related insurance
- Motor vehicle
- 2. Learn about insurance
- 3. Search for an insurance broker online
- 4. Request for quotes from insurance brokers
- 5. Compare the quotes
- 6. Learn as much as you can about the insurance company offering the policy you have selected
- 7. Read through the policy
- 8. Take the policy
- 9. Review your insurance policy regularly
1. Know what you are looking for
You would first have to analyze your business risks to determine the types of insurance coverage you would need. You can easily find resources on the internet that would help you determine the kind of insurance policies that are necessary for your kind of business.
Larger sized businesses would usually employ a professional who would perform a risk assessment on the business to determine the insurance products needed but as a small business owner, you really don’t need to add the extra costs of hiring a risk assessment professional. Some of the insurance policies you would need for your small business include-:
This is taken to protect all of your business tangible assets and property from theft and damages. Items that are usually covered under this policy include houses and equipment.
This may be divided into general liability coverage and product liability coverage. If you are a manufacturer of consumer goods, you would need Product liability coverage to cover for damages that may occur to people as a result of using your products while general liability coverage is designed to cover for injuries or accidents during the course of running your business. There is also professional liability coverage which is designed to cover for claims of negligence.
You may also want to take up insurance to cover for your employee’s health and safety and also cover for negligence on the part of your employees.
If you have motor vehicles that you use in running your business, it is also wise to take up a comprehensive insurance policy to cover them.
To reduce costs of premium, you should consider taking up an umbrella policy which would have a little bit of everything in it. This would be cheaper than taking insurance policy for each item separately.
2. Learn about insurance
Next, you have to learn about insurance generally; about the different products, things to look out for when comparing insurance quotes and all other things that would help you to make an informed decision.
3. Search for an insurance broker online
An insurance broker is a specialist in the business of insurance and is in the best position to give you the necessary assistance and advice that you need. You can find insurance brokers online easily by using search engines. It is important that you look out for reviews before working with any insurance broker, to avoid working with the wrong person. You should also look out for also get up to three or four different insurance brokers or as many as you can so that you would be able to get different quotes.
4. Request for quotes from insurance brokers
When you have found brokers that you think you may be able to work with, you should ask each of them for quotes. They would usually offer you quotes based non information supplied about your business by you.
5. Compare the quotes
The next step is to really take time to compare each of the quotes supplied and choose the best option. Remember that the cheapest quote isn’t always the best.
Insurance agents often work for insurance companies and in the event of any future losses, it would be the duty of the insurance company to cover for the losses and not the agent; so you must ensure that you learn as much as you can about the company and its history with paying claims. If the insurance company has a notorious history of avoiding settlements, then you should opt for a company with a better reputation.
7. Read through the policy
Before signing any insurance contract, ensure that you read and fully understand the policy, the contractual obligations of the insurance company as well as your contractual obligations as the insured. If there is anything that you do not understand in the policy, don’t hesitate to ask your broker.
8. Take the policy
When you are satisfied with all the terms and conditions of the contract, then you should sign the contract and ensure that you pay your premiums as and when due.
9. Review your insurance policy regularly
Don’t just stop at getting an insurance policy for your business, you should also make it a point of duty to review your insurance policy regularly and look for ways to reduce your insurance premiums.