Questions Business Owners Should Ask Prospective Insurance Providers

Questions Business Owners Should Ask Prospective Insurance Providers

Using services from BOLT can provide business owners basic information regarding premiums and some terms and conditions, however, it could be in your company’s best interest to ask additional questions regarding potential policies after narrowing down insurers.

One thing you should be looking for when reviewing the pros and cons of individual business insurance providers is how long they have been in industry and if they have the right experience. While your personal insurance provider may offer a basic insurance policy, you could benefit from checking out other options, as your company may not have specialists even though they offer the plan. One thing basic policies frequently lack is liability insurance for businesses, and it may not be offered as an add-on plan either. Going with a provider who has made a name for themselves in the business insurance industry could prevent you from investing in a policy that doesn’t measure up to your company’s needs.

After finding a couple of prospective providers to insure your small business, it is important to investigate the liability insurance limits and options available. Depending on the duties your employees complete and the risks your clients take on when using your services or products, you could need a large  amount of liability protection. This coverage should be a priority, as not having the right amount of liability insurance could result in a lawsuit or pay out that could force your company to close its doors. Some business owners in a higher-risk industry may find themselves paying more for monthly premiums, but should an accident or incident come up, the additional cost for coverage could prove worth it.

The amount of assets your company has will also influence the business insurance plan you choose. Be sure to ask about a company’s financial ability to cover possible damages to your property or goods that could be stolen or otherwise vandalized or destroyed. The right insurance provider will have options to increase liability limits so that you can properly protect your assets.

While small-name insurance providers may seem like a great match for your small business, you are probably hoping to grow your company. This is why selecting a company that can handle your insurance needs should you become a medium or large business is crucial. When looking long-term, even basic coverage needs can change dramatically, and you will want an insurance provider that can grow with you. Inquire about available add-on policies, and keep in mind you can often add to your insurance plan when needed, but only if your insurer offers them.

Finding an insurance provider that is trustworthy is also essential, though you won’t likely ask them flat out about their reliability. Instead, you can check with the Better Business Bureau to see if they have had any formal complaints filed against them, while those records also reveal the resolution, if there was one, that occurred. While not every company will be flawless, you will be able to get a better understanding of their standards regarding customer satisfaction. It is important that you feel comfortable with your insurance agent and company as a whole, as you will be dealing with them on a regular basis.

Rather than comparing quotes on separate websites, business owners are urged to enlist services offered by BOLT, which allows professionals to compare prices from multiple potential insurance providers all at once.