Are you covered?

It is common knowledge that there are risks everyday; potentially affecting you personally, your family, your business or your employees. Many small business owners may find themselves lacking proper coverage when these potential risks become reality. The thing about insurance is that it can't help you when you purchase it after what could go wrong does go wrong. It takes quite a bit of foresight to prepare your business for the things that could potentially go wrong. Not all businesses face the same risks, but many are shared by most business owners. Keep reading to find out if you are covered.

Here are some things you might want to consider when you are buying insurance

  • Don't underinsure to save money. Slight increases in coverage generally don't cost significantly more and you will be grateful to have the additional coverage.
  • Many trade associations or professional groups offer discounted rates on standard packages to all of their members. Make sure to ask around before you purchase to ensure you are getting the best deal.
  • Consider choosing the highest deductibles that you can afford to pay. Higher deductibles generally allow you to have lower monthly premiums.
  • Verify with your broker/agent that you aren't buying redundant insurance. Policies may overlap but you can limit the coverage on some to minimize the overlap and reduce your costs.
  • Consider whether an all encompassing policy is right for your business and whether you will need all of the coverages that it offers. There are so many policies you are sure to find one that you can tailor to your specific needs.

 

The Insurance Analyzer is provided for general informational purposes only. These materials do not constitute and should not be construed as specific financial, insurance, tax, legal or accounting advice. As with all legal and tax issues, you should consult with your own tax or legal counsel and qualified advisor. Always refer to the specific policy of insurance for exact coverage, benefit determinations, and applicable terms and conditions. Insurance policies contain limitations, exclusions and restrictions. Assurant Employee Benefits is not liable for any direct, indirect, special, consequential, incidental, punitive or exemplary damages in connection with the use of the information provided.

 

Selecting an Insurance Agent/Broker

It isn't always easy to find an insurance agent. You have many calling on you all the time, but how do you know which one to choose. We offer the following suggestions:

  • Gather recommendations from other small business owners in your area.
  • Talk to several agents over the phone and visit their offices.
  • Make sure they have the proper/current licenses.
  • The agent you choose should know what questions to ask you to determine what coverage you need.
  • They should also be knowledgeable about all types of insurance and able to answer your questions in plain English, not insurance jargon.
  • It is helpful to find an agent that is familiar with your industry and understands your risks.