In today’s competitive economy, commercial insurance is the difference between staying afloat or sinking in the event of an accident and/or liability, it is one of the most important investments you can make when starting your small business. As with anything else, you must do your research prior to choosing the right type of insurance for your business.
Here are some helpful tips for choosing the plan that is best for your business:
1. Asses Your Risk. In order to determine the type of coverage needed you will have to determine your risk factors that vary depending on the type business, the location of the business, business type, company vehicles, the size of your company (employee’s), etc. Once you have defined your noticeable risks, check with an insurance agent like Kipper Insurance Agency to verify other internal and external risks that may not be as obvious.
2. Business Owners Policy (BOP). Insurance can be purchased separately or in packages called BOP’s. BOP’s are generally more simple and cost effective because you are bundling the different types of insurances needed, rather than individually insuring things. It is important to understand the extent of and what’s being covered because not everything may be included in BOP’s.
3. Have a reputable agent. It is best to work with an insurance agent that has extensive experience in commercial coverage, like Bob and Harriet Kipper. Our agent will help you identify common losses that can be expected with your specific business and how to best protect yourself in such situations.
It is very important that you contact your agent immediately if a claim does arise. You want to especially avoid handling a claim yourself. A fast assessment is crucial as commercial claims are much more complex than individual claims.
With adequate insurance coverage a company is able to bounce back after any types of lose. Call Kipper Insurance Agency today to begin planning coverage (760)471-2200!