28 Sep 5 Questions to Ask Your Insurance Agent About Business Insurance
Business insurance is something to take seriously. The various options are designed to protect your business should anything happen to your building, warehouse, employees, and more. In order to ensure that you have the right coverage, you’ll need to ask your insurance agent a number of questions.
Unsure what you may need to protect your business assets? Here are some of the most important questions to ask.
1) What Are the Most Important Types of Insurance That I Need?
With so many different types of insurance designed to cover businesses for a number of different needs, it can be tough to determine exactly which ones you need. There are the basics, such as general liability, business owner’s policy, workers’ compensation, professional liability, and more. Plus, there are additional policies designed for specific company needs. Your business needs all of the right ones, so make sure to ask.
2) What If My Business Changes?
Businesses change all the time. Some grow larger, while others shrink if needed, due to business concerns. The last thing you want is to be locked into a policy that isn’t adjustable. If this is the case, then you could end up with either too much insurance or not enough. Both can be problematic, as with one, you’re paying for more than you need and with the other, you aren’t properly protecting yourself. Make sure that your policies are adjustable mid-term if necessary.
3) Are There Limits to How Much My Insurance Will Cover?
With business insurance, there are often payment limits. These payments fall into two different categories, called per-occurrence limits and aggregate limits. The former is the amount that you’re eligible for should you need to call in a claim to cover damage, for example, while the latter is a sum total of how much your policies will cover in all, after filing numerous claims. It’s important to be fully aware of your limits.
4) How Do I Submit a Claim?
It’s important to know how to submit a claim should something happen to your business. Do you need to file online? Will there be someone answering the phone in the middle of the night after a storm hits your warehouse and ruins your merchandise? You need to be prepared and also find an insurance company that allows you to file a claim in the manner that you prefer.
5) What Effects the Overall Price of My Premiums?
Not only do you need to know which types of insurance you need in order to make sure that you’re covered, but if you’re looking for the best price, you also have to understand what goes into your overall premium costs. Things like the number of employees that you have, where your business is located, it’s overall size, what type of business you do, and more all factor into the cost.
Ask Your Spivey Insurance Agent
At Spivey, our agents are trained to not only answer all of your questions but also to explain the differences in types of coverage. If you’re wondering which business insurance policies you need, give us a call!