How Much Business Insurance Coverage Do You Actually Need
http://oceanadesigns.net/images/granite/white-lace/white-lace.jpg If you have just started your business, it's important to have the right amount of insurance. You may have several employees working for you, and products that you are selling all over the country. It is important to be protected for many reasons. Although selling the products is relatively easy, as well as fulfilling orders, sometimes the more difficult part is what comes after the sale is made. There are people that can be harmed by the products, or they may simply sue you for a wide variety of other reasons, all of which can compromise the ability of your company to succeed. Here are the different types of go business insurance coverage that you should have, and how much you need to be safe.
The Most Common Types Of Business Insurance
There are many insurance policies that you should have for your company, sometimes for legal reasons. For example, if you have employees, you have to have workers compensation insurance, this tends to be very expensive, but it is necessary to protect your workers. If you have fleet vehicles, or company vehicles that employees drive, you have to have auto insurance to cover them all. If you have several places where your workers are, as well as buildings where your products are stored and shipped out, this real estate needs to be protected. Liability insurance, crime, life, and loss control insurance are also recommended. If you are providing health insurance for your workers, you really need to find the best deal as this can be very expensive.
How Much Insurance Is Enough?
Let's say you decide to start with liability insurance. If it is just you, and no workers at all, it's about $500 a year. If you have a business with employees, this will cost you several thousand dollars a year. The amount of the coverage should be a minimum of $1 million. The reason that you need so much, even for a small business, is that it can help pay for damages, hospital bills, legal fees, data breach issues, and wrongful termination problems that may come up. The same is true for all of the other types of insurance. You are usually insured for seven figures, sometimes more, and it may be necessary one day. The largest cost tends to be for workers compensation, or business interruption insurance, and there are ways to get deals on all of this.
How To Save Money On This Insurance
You can save a lot of money on this type of coverage by grouping everything at one particular company. If you can put everything under an umbrella type of coverage, where they are all part of what is perceived as a group policy, this is where the real savings comes in. If you have a couple policies with two or more companies, this can get really expensive. That's why getting estimates from multiple businesses about all of the insurance that you need can help you save as much money as possible.
Where To Get Quotes For This Insurance
Saving money on this insurance starts with getting quotes. You may want to contact a local insurance provider that you have worked with for years. Perhaps you only have one policy with them, but they may be willing to provide a significant discount if you get all of the insurance through their business. At the same time, you should be getting estimates from different companies which may not necessarily be in your community. There are insurance brokerage websites, those that will help you get multiple quotes from many different companies throughout the nation that will be more than happy to provide you with coverage at discounted prices. These typically come in within three days after submitting the request. Once they have been received, it will take you a few hours to go through all of them. This is the best way to make sure you are getting a significant deal on business insurance for your company.
The secret to getting low rates for business insurance is to always look for one company that can give you every policy. When they are able to group these policies together, they could discount your premiums for a substantial amount, plus they may even give you better coverage and lower deductibles. The only way that you will know who will help you the most is to get all of these estimates that have been discussed. Talk to insurance brokerage companies online. Submit your information to them, and within days, you should have the estimates that you are looking for. Instead of continuing to pay for high cost coverage, it might be time to simply start asking different companies about the insurance that they have available for businesses. It will help you save thousands of dollars a year, and make your life easier by getting everything from one insurance company at the same time.
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