Has anyone ever had a great time while buying business insurance? Figuring out what kind of coverage you need can be difficult enough, but in addition, you have to find the best provider to give it to you. Do you just go with the same provider through which you get your auto and home insurance, or do you start looking elsewhere?
Agents, Companies, and Brokers
Determining who you want all begins with knowing who you’re looking for. Are you looking for an insurance company, an agent, or a broker? Let’s look closer at what each does.
An independent insurance agent is usually affiliated with an insurance company, although they can link their clients up with policies offered by other companies. However, an insurance broker isn’t beholden to one company. They work solely for you, and will help you navigate policies at any company you so choose. In both cases, at least part of their income comes from commissions on the policies they sell you.
A standard insurance agent typically works for a single company. Like brokers and independent agents, they should be licensed. An insurance agent is essentially your guide to that specific company’s policies and plans, so they’re not there to recommend other companies to you.
Unless you know a broker, it’s best to start by researching companies on your own. Once you find one that offers the type of coverage and rate you’re looking for, you can speak to an agent from that company.
What a Great Company Offer Your Business
You might be convinced by a particularly charismatic agent, but the real root of your decision should be in what the company offers. For small businesses, the first thing you want is an insurance company that already covers businesses like yours. This way, there’s a greater likelihood that their plans are designed to cover what can go unforeseen.
You also want custom coverage that can evolve as your business does. For example, at next-insurance.com, plans are formulated to cover a small business’s particular needs. No matter where you go for insurance, make certain that you’ll be able to adjust coverage without a huge redirect.
Custom coverage means that your company of choice should offer various kinds of business policies. We all know that general liability insurance is your failsafe, but there are other policies which can cover the gaps left by general liability. This is why many companies create businesses packages in the first place, so don’t get pulled in by an organization that considers general liability your end-all-be-all.
Because when it comes down to it, the amount of coverage is what really counts. If your business could be considered unusual or niche, there are a ton of small considerations a good insurance agent will make. The potential risks have to identified and covered accordingly.
It can be tough to focus on turning a profit while your policy status remains in limbo. After all, it takes but one accident or unfortunate event to set you back to zero. But when you choose a company that takes your growth and unique needs into account, you’ll find yourself with a little more room to create business success.