Your business is exposed to a wide variety of risks every day that can directly affect its growth and success. Just one liability lawsuit or catastrophic storm could put your company in a significant financial bind. This is why choosing commercial insurance for your business is a decision that shouldn’t be taken lightly. But with so many coverage options available, making sure you end up with adequate protection can be challenging. Here are a few tips to help steer you in the right direction as you shop for a policy.

A Guide to Selecting Commercial Insurance

1. Complete a Risk Analysis

First, thoroughly assess your unique business risks. Consider the types of lawsuits, natural disasters, and accidents that have the potential to arise and create a substantial loss for your company. Once you’ve determined everything that could jeopardize your financial stability, you’ll be able to identify which kinds of coverage to purchase. Every business has different needs, but it’s common for commercial insurance policies to include general liability, property insurance, and business interruption insurance.

2. Learn Your Legal Requirements

Each state has specific insurance requirements that businesses must meet. To make sure your operations are in compliance with the law, you familiarize yourself with your state’s regulations to learn which coverage you’re obligated to carry. For example, in North Carolina, most employers are required to buy workers’ compensation insurance to protect injured employees. Not having the proper coverage can result in hefty fines. 

3. Don’t Focus on Price

Focusing too much on price can leave you vulnerable to disaster. Business owners often make the mistake of automatically going with the lowest priced policy. If you’re quoted a rate that’s much lower than the others, it could be because the plan lacks vital protection your company requires. Before you pick a policy, read over everything it includes to ensure it provides appropriate coverage.

If you’re in need of reliable commercial insurance to safeguard your business operations, turn to A Better Choice Insurance in Concord, NC. They offer an array of coverage solutions to help mitigate your company’s specific risks and will assist you in customizing a policy that provides the best protection possible. For more than 25 years, this independent agency has remained committed to delivering high-quality products at affordable rates. Call (704) 782-2073 to request a quote, or visit them online to learn more about their services.