When it comes to small business insurance, most owners don't have a vast knowledge of insurance and the coverages they need, but that's OK. if you wanted to be an insurance expert you probably would have chosen a profession in that field. You probably started your business because your doing something you love to do.
However, insurance is a very important part of protecting the business you love and have invested so much of your time an money in. That's why it's so important to have an agent you can trust that can help you in determineing the best insurance options that make sense in case an unfortunate incident happens that could destroy your business.
As a business owner, you should feel confident in your agent that he has put in place a Business Owners Policy that protects your business, at GFC Insurance, we do just that. We find you the best company, that provides the best coverage at the best premium we can get.
Let's look at a typical Business Owner's Policy and some things you should look for when seeking coverage.
What does a BOP cover?
A Business Owner's Policy (better known as a BOP) will bundle both your property and liability coverage's into one single policy. BOP policies are designed to meet the insurance needs of small to mid-sized businesses. By putting all your coverage in a bundle, it makes things much easier and generally less expensive then having multiple different policies.
When looking to insure my small business, what are the most important areas to consider?
It is not uncommon to often find businesses both over and under insured. This can leave them either paying for coverage they really don't need or even worse, leave them unprotected and vulnerable to financial disaster. Business Owner Policies can have certain coverages added or removed. You should always talk with your agent and go over the daily operations of your business and let them know if there may be any risk outside of the norm for the type of business you are.
How do I get the best discounts and lowest premiums for my business insurance?
As a business owner, you should be implementing good risk management controls for your premises and employees. These controls should be checked and verbally stressed to all staff on a regular basis. Buildings and property should be maintained and cared for on a regular basis. Select higher deductibles, if possible, pay your premiums on an annual basis for a discount.
How often should my policy be updated?
You should always call your insurance agent if your business experiences any of the following:
Relocating, purchasing an additional location or undergoing renovations and purchasing new equipment. When hiring or firing employees. When changing the types of goods or services you offer, or if your sales increase or decrease significantly.