When buying a good small business insurance policy, there are several things you need to consider. Undeniably, the cost is important, but so is understanding your risks and policy exclusions. Here are a few tips to help you interpret and compare small business insurance quotes.
- Look at More Than Just the Rates
Low premiums are great if they get you the coverage you need. However, if a policy doesn’t cover your risk exposures, it will cost you much more in the long run than what you are paying for in premiums. So, instead of looking solely at the premiums, look at the coverage offered first, then compare the prices.
- Look for Reputable Carriers
Compare policies from reputable carriers. Look for carriers that are known to be financially strong. Check out their status with the Better Business Bureau to see their rating for customer satisfaction. An A+ rating means they are responsive to their customers’ needs and take care of claims quickly.
- Know What the Policy Will Cover
Look at the coverages that each policy offers. Do they match up with the risks and perils your small business deals with regularly? Go over the list of exclusions. If there are certain exclusions that you want to cover, you may have to purchase a second policy. If the terms of coverage aren’t what you need them to be, you may have to find a different policy.
- Compare Premiums and Deductibles
Premiums and deductibles will vary from policy to policy and carrier to carrier. Find out if they are adjustable so that you can change your premiums and deductible amounts if you need to. Lower deductibles will mean higher premiums, so you need to determine when you would rather pay more – every month or while filing a claim.
- Talk to Your Agent
Navigating through the process of finding a good small business policy can be frustrating. Schedule an appointment with your agent and go over your current policy. Discussing your options may give you a better idea of what policy will provide you with the coverage you need at the most affordable price.
With so many small business insurance policies available, it’s tough to find the best one. Schedule an appointment with our agents at Steve Wilk Insurance Agency. We can help you look over multiple policies and find the one that suits your business on every level.