Making decisions as a business owner can be challenging. You’re in charge of what paper towels to buy for the clients you take on and everything in between. One of the most important decisions you can make for your company is the liability insurance policy you buy. Keeping you and your business insured is vital for your success, but there are things you need to bear in mind.
The first thing to look for when you’re choosing an insurance policy is competitive pricing. There are countless insurance companies with multiple policies, each advertising a different rate. Before you commit to a purchase, shop around for the best price to fit your budget.
Along similar lines, you may find that your best value comes by bundling multiple policies together. This can be achieved with the help of a wholesale insurance company, often times your primary insurance provider will use these specialty providers to help cover your specific needs so they can keep all of your business. While these policies tend to have wider, more umbrella-like coverage, they can still offer you and your business the protection you need.
The second thing you need to look for in your liability insurance policy is adequate coverage. There are multiple types of liability insurance, all taking care of different realms of your business. If you own a car garage, there are garage liability insurance and casualty insurance that can benefit you and your company.
Depending on the type of business you own, you may need more than one kind of liability insurance. Before you commit to just one policy, make sure you do your due diligence to ensure you won’t be leaving one corner of your business without protection. The last thing you want is to think you’re fully insured until an accident only to find out you’re not. Insurance is specialized, no matter what area of business you’re in.
Exclusions and Exceptions
The third thing to look for in your insurance policy is the exclusions and exceptions in your company. There’s a reason insurance can be so confusing, and part of the reason is that there are so many exceptions to the rules. Every policy has certain things it may not cover: things like intellectual property, online data, accidents during coverage lapses, or even slander. Before you sign the dotted line on a policy, you need to understand what it does and does not cover.
When you know what specifics your liability policy covers, you’ll have peace of mind at work. You won’t have to worry about accidents that won’t be covered on your premises, vehicle damages, or issues that happen at a third-party location. A full-coverage policy may cost a little more than you expected, but you won’t need to lose sleep over work while you’re managing.
The bottom line when it comes to company liability insurance is that you shouldn’t settle. Don’t be afraid to shop around between companies and policies for the best option for you and your business. Protect your business and your employees with coverage that safeguards every aspect of your company.