Do you need business insurance? If you’re a small business owner, the answer is yes. According to a study by The Hartford, 40% of small businesses will record property or liability loss within the next ten years.
You’ve probably heard the adage, “An ounce of prevention is worth a pound of cure.” If you’re a small business owner, protecting your company from risk and liability is one of the most important things you can do to ensure its success. But with so many insurance provider options out there, how do you know which business insurance provider will be best for your needs?
Read on to learn how small businesses can choose the right insurance provider for their needs.
Assess Your Risks
Every business faces risks, either from natural disasters or human error. Some of the most common types of insurance coverage for businesses include:
Commercial property insurance: Protects against property damage and financial loss stemming from a disaster, such as fire.
General liability insurance: Covers accidents that might occur while providing goods or services to customers. It also covers the cost associated with legal defense if you are sued because of your actions at work.
Cyber liability insurance: Protects against liability related to data breaches.
Workers’ compensation insurance: Covers medical expenses and lost wages for workers who are injured on the job.
After identifying all potential needs, it’s time to find a provider who can meet them all. Putting time into researching your needs before making a decision. You’ll find an affordable plan that perfectly fits those requirements.
Cost of Business Insurance
When choosing a business insurance provider, you also need to consider the cost of coverage. This can vary greatly depending on the type(s) of business insurance and how much coverage is needed for your company’s particular needs.
Price is no small consideration; therefore, consider comparing insurance costs before committing. Different companies have different fee structures that may make them more competitive.
Company Reputation
Researching a business insurance provider’s reputation is an important step. It will give you insight into their history in the industry and how they handle customer service.
Some of the areas to scrutinize include:
- How long has the company been in business
- What are their customer service skills and response times
- Do they invest heavily in preventative measures to avoid claims
You’ll also want to understand their reputation with other businesses, such as your competitors. This will give you an idea of how reputable they are from a third party’s perspective.
Some other questions you might ask include:
- Are there any lawsuits pending against them at this time
- Has the provider ever had regulatory sanctions for wrongdoing
- Have its decisions caused customers problems in the past (e.g., inaccurate billing)
There are also many different agencies that rank insurance companies based on the quality of service they provide. You should do your research to find out which ones have been found to be trustworthy by other businesses like yours.
Customer Service
A business insurance provider should have a customer service line that is available 24/hours-a-day, seven days a week. Ideally, they’ll also be able to offer live chat or online assistance so you can get your questions answered quickly.
A good business insurance provider will help customers figure out their needs and work with them to find a plan that meets those specific needs.
Some insurance providers may be extremely responsive when making a sale but not as much when it comes time to make a claim. You should look for one that provides service after the sale, which includes prompt and thorough responses.
Claims Process
How the claim process works should be one of your highest priorities when choosing a business insurance provider. You want to know that if you ever need to file a claim, it will go smoothly and quickly with no hassle for either party.
The best business insurance providers have an easy claims process. Customers can choose between submitting their information online or calling directly.
They also offer clear instructions on what needs to happen next after filing a new claim. There should never be any confusion about how long they’ll be waiting.
Some companies make the claims process difficult by leaving some things unclear. This is why it’s important not just to do research but also look into how well the business has been rated by former customers.
Financial Strength
It’s also wise to look into the company’s financial stability before selecting them since this will determine whether or not you get paid out if something happens.
Recently, there have been many business-related disasters with billions of dollars worth of damage. Millions of people also have lost their jobs.
There is always increased risk when it comes to severe weather events. So, protection against such occurrences should be considered mandatory for any business owner.
In addition, cybersecurity has become increasingly prevalent due to hackers gaining access to clients’ contact information, credit card numbers, and other private data through phishing scams.
Choose a Reliable Business Insurance Provider Today
Make sure to choose a business insurance provider who will work with you and your needs, not against them. Your choice of an insurer can have long-term effects on the success of your company, so you must make the right choice.
Let us provide your business with the protection it deserves. Our insurance partner, the Insuritas team, will work closely with you to develop an insurance package tailored to your needs and budget. We can make sure your company has all the necessary coverage with our guidance, so it never falls prey to unforeseen circumstances or financial loss.
Schedule a call today for more information about our services.
Insurance products are not insured by FDIC or any Federal Government Agency; are not a deposit of, or guaranteed by the Bank or any Bank Affiliate; and may lose value. Any insurance required as a condition of the extension of credit by Signature Bank of Georgia need not be purchased from our Agency but may, without affecting the approval of the application for an extension of credit, be purchased from an agent or insurance company of the client’s choice.
