There are a number of factors to consider, such as your greatest business risks, policy exclusions, and coverage limitations. These 8 tips can help you find and compare the best policies to suit your business – and your budget.

1. Start with reputable insurance carriers

Make sure you ask for quotes from reliable insurance carriers. You don’t want to buy an insurance policy at a bargain, only to learn that your insurance company can’t pay a claim. There are a number of independent rating agencies that measure the financial strength of insurers. Avoid any insurance companies that do not make the grade.

Insureon only works with A-rated carriers, so no matter which insurance quote you choose through us, you’ll have peace of mind that your insurer will be there when you need them.

2. Consider more than just insurance rates

For small business owners on tight budgets, it can be tempting to make a purchase decision based solely on the cost of premiums, rather than focusing on the best protection for your business.

Before making a decision based on price, remember that you are buying business insurance policies to reduce the risk of financial loss. If an insurance company’s policy costs less than the competition’s policy, there is probably a reason why it is priced that way.

Does it leave out a comment you might want to get later? Are the limits high enough to comply with client contracts? Try to look beyond the dollar signs and sift through the details that differentiate one policy from another.

There are a number of ways to try to reduce small business insurance costs without sacrificing the protection you need. Consider options such as:

• Purchase a business owner’s policy (BOP), which bundles general liability insurance with commercial property insurance – usually at a savings.
• Raising your deductibles and lowering policy limits can also help cut costs.
• Pay your policy premiums annually rather than monthly.

3. Understand what is included – and what is not

Business insurance can vary significantly from policy to policy and insurer to insurer. Review each policy and coverage option carefully, so you know what you’re getting.

Each insurance policy will detail its inclusions and exclusions, or the events that will and will not be covered. Pay attention to these items because they determine the terms of your coverage.

For example, when reviewing commercial auto insurance quotes, you’ll want to understand the level of coverage each policy offers for bodily injury, property damage liability, collision coverage, uninsured motorist coverage, and personal injury protection.

You can learn details about what is covered by the most common small business insurance policies by following the links below:

• General liability insurance
• Professional liability insurance
• Errors and omissions insurance (this is another name for professional liability insurance used in some industries)
• Workers compensation insurance
• Cyber ​​insurance
• Commercial auto insurance
• Commercial property insurance

No matter what type of policy you are reviewing, never assume that the coverage provided in every quote is the same. You don’t want to buy a policy, only to find out when it’s time to file a claim that it doesn’t have the protection you need.

4. Check policy limits and deductibles

Your policy limits are the maximum amount your insurance provider will pay for a specific event, instance, or claim under a policy. You will want to choose the limits that can adequately shield you from adverse claims for liability lawsuits or other financial losses.

There are two types of limits: per event and aggregate:

• Limit per event: The maximum amount your policy will pay for any single claim.
• Aggregate limit: The total amount your policy will pay for all claims in one policy period (usually a year).

Often, your client contracts, property lease, or mortgage agreement will require you to carry liability insurance such as a general liability insurance policy or a professional liability insurance policy. If they are, you will probably be required to carry a minimum level of coverage. Make sure the policies you buy meet the requirements of any contracts you have.

Your deductible is the amount you pay out of pocket before your insurance benefits kick in on a claim. Usually, the higher the deductible, the lower your premium.

However, when reviewing your options, don’t choose a deductible amount that is more than you can afford to pay if you need to file a claim.

For example, say you purchased a cyber insurance policy with a $1,000 deductible. If you suffer a data breach but don’t have that money on hand, then your benefits won’t show up. Remember, your insurance policy won’t do you any good if you can’t come up with the money to pay the deductible.

5. Choose a policy that can grow with your business

When you’re comparing small business insurance quotes, think about how quickly your business could grow in a year. When reviewing limits, inclusions and exclusions, you’ll want to leave some wiggle room to ensure your insurance continues to meet your needs – even if you experience an increase in business.

6. Compare quotes with your current insurance

When comparing quotes for different types of insurance, look at your own policy (if you have one), first. Think about what you like and what you don’t like about your current policy. What is missing? Do these new policies fill coverage gaps that were making you nervous? Your current insurance policy can be a useful yardstick to determine if you are getting the right coverage at a fair price.

7. Consider how soon you will need attention

Where you buy your insurance can affect how quickly you get covered. You may need to secure insurance as soon as possible to sign a lease or land a large client contract. If you need immediate coverage, confirm with your agent or carrier that there will be no delay in purchasing the policies quoted.

Hit the ground running. When you start a quote with Insureon, you can quickly compare quotes from the major carriers and get a certificate of insurance the same day.

8. Ask your agent for guidance

One of the biggest benefits of working with an agent is that they can help you identify your greatest insurance needs, make sound decisions, and guide you through the comparison process.

Any quotes you receive online are not final, as they are based on the information you include in your application. If you misunderstood a question or made a mistake entering information, your quote may change as the agent helps you refine your answers.

Turn to your insurance agent when you need help with:

• Deciphering industry jargon. Not sure what a particular coverage does or what a word in your policy means? Your agent can explain the intricacies of insurance in plain English.
• Assess your needs.Insureon agents specialize in industries as diverse as IT consulting to construction and are licensed in every state. That gives us first-hand information about the risks your business may face.
• Make a decision.Your insurance agent can point out the differences between various plans, which can help you make a confident and informed decision.