Every enterprise needs business insurance, regardless of the size or industry. However, the amount and type of coverage necessary will depend on the unique risks your company faces. As such, use careful consideration and thought when investing in a new policy. For the best result, follow the do’s and don’ts below.

Do:

Consider your needs and evaluate your options accordingly. 

There are numerous types of business insurance, with options for practically any risk your enterprise could face. First, consider which challenges you could come up against, and look for an agency that can satisfy those needs. For example, if you have full-time, on-site workers, you’ll need an agency that can provide workers’ compensation coverage.

Opt for an agent with experience. 

Filing an insurance claim is complex. But when you’re dealing with technical and sensitive commercial claims, you need to have full confidence your agent can handle the situation. As such, choose an agency with team members that have considerable experience. Agents should have a minimum of five years’ experience, as well as first-hand knowledge of your industry. This will allow them to predict issues and offer guidance. 

Don’t:

Base your decision on price.

Of course, as a business owner, you want to recognize your bottom line and ensure you don’t overspend. However, with commercial insurance, cutting corners isn’t advisable. Choosing a policy based on price, rather than the quality of the coverage, will eventually cost you more.

Forget to consider an insurer’s financial stability.

If you do have to file a business insurance claim, you need to know your provider has the financial stability to pay. When considering potential companies, ask them about their policy payout maximums to ensure you’ll never be without reimbursement.

If you need help with business insurance, turn to Toohey Insurance Service in Somerset, KY. Since 1983, they have provided residents with top-quality guidance and coverage. Visit their website to learn more about their policies, and call (606) 678-0540 to schedule a consultation.