Companies have many assets, and protecting them is vital to maintaining a strong bottom line and minimizing risk. Business insurance is not just another expense on your balance sheet, and finding the right policy will give you peace of mind. If you’re not sure what type of coverage your company needs, below are a few tips to keep in mind while shopping.

How to Buy the Best Business Insurance Policy

1. Understand Your Specific Risks

To ensure you have the basics covered, you must understand your risks. For example, you need commercial auto insurance if you have company vehicles, while a landscaping business may require liability and equipment coverage. At minimum, liability insurance is vital for every company because it will cover medical costs and property damage if your business is held responsible for either.

2. Get Coverage for Less Common Incidents

While you may think they will never happen, natural disasters like fire and tornadoes can damage your building, leading to significant repair expenses. In addition, they can destroy your inventory as well as injure anyone on the premises. Commercial property insurance covers your building much like a homeowners policy in these instances. It will also protect you from theft if someone breaks into your building.

3. Assess Your Coverage

Re-evaluate your coverage every year. Situations can change, and your current policy may not adequately cover your business anymore. This could be the case if you purchased additional equipment, increased the number of employees, or enhanced business operations, all of which require increased protection.

If you need help selecting the right type of business insurance, the staff at Wilmoth Insurance Agency is happy to help. Since 1939, they have served the Cookeville, TN, community and found the best rates for their customers. Their staff will assess your situation and help you determine the amount of coverage needed to protect your assets. Visit their website for more information, or call (931) 526-6181 to make an appointment.