Proper Business Insurance, Broker’s make sure you’re covered
Correctly insuring your business isn’t an easy process. Typically it involves identifying what pieces of the business need to be insured, and then getting the best rate on each piece. This usually means linking together several policies from a few different insurers and then continually reviewing each policy as the company grows. Having an expert business insurance broker can make the process easier and more efficient. Here’s how:
Save time. Figuring out how much insurance you need is a time-consuming process all by itself. A business insurance broker will take that burden off your plate by sitting down with your team to conduct an independent risk assessment.
Once your assessment is finished, your business broker will review the hundreds of insurance policies he or she has access too. Many of these policies aren’t available to the public, and your broker will know exactly how to link them together to get your the best coverage for the best price. The finished package of policies presented to you will represent an enormous time savings while ensuring the best possible coverage.
Save money. Having access to hundreds of insurance policies that aren’t available to the public lets your broker find you the plan with the lowest possible rate. A broker will also be able to recommend bundling options and small business adjustments that could save you a lot of money over the lifetime of your policies.
Make sense of everything. Business insurance policies are notoriously complex, especially when you start linking different policies from different companies together. A business insurance broker will be able to lay out your plans and answer all your questions in plain language over the phone or in a face-to-face meeting. When it comes time to review your plans, your insurance broker will be able to take stock of what’s changed and explain how those changes will affect your policies.
Get the best payout. If the worst happens, your insurance broker works with you to get the best insurance payout for the lowest increase in premiums. Your broker will be able to advise you on what to claim, what not to claim, and how to submit the best information possible. This will make recovering after a disaster a much faster and less stressful process.
Having an expert business insurance broker review your operations takes a load off your mind, reduces the risk you’re exposed to and can save you a lot of time and money. However, before you set up a meeting with your local business insurance expert, there are a few things you should review:
What are your greatest risk factors? Expensive physical assets such as real estate, corporate machinery, cars, computer systems, and more are all major risk factors. A good test before you visit your broker is to consider what your business would look like after a fire, flood, or other accident. This will let you focus your insurance discussion around only the most valuable parts of your business to avoid over paying on your policy. Your insurance broker will be able to complete your quick risk factor review with a more comprehensive one designed to completely protect your business from disaster.
What employee insurance policies do you have in place? Your business should have insurance that protects your employees both while they’re at work, and when they’re off the clock. Insurance that protects employees when they’re on the job also protects you as a business owner. Even desk work can result in injuries that could affect your bottom line, so it’s important that you review your risk with your broker.
The personal insurance that you offer to your employees (usually health insurance) is an excellent tax-free incentive that will lead to lower employee turnover and higher job satisfaction. These plans are more affordable than you might think, so it’s worth discussing them with your broker.
What legal protections do you have in place? If you don’t have legal insurance, it’s time to get it. Even the most airtight contracts can be challenged in court, and spending a fortune to prove your innocence in a business matter can put your business at risk. It’s the same story if you need to go after someone for something you’re owed. Being right is expensive, but legal insurance can make sure your business thrives in the face of any legal action.
Do you plan on using insurance for sales and marketing? Insurance doesn’t just have to be for bad times. Many companies have started to use insurance to offer unique marketing ideas. For example, a jewelry store could offer a blockbuster promotion: If it snows more than 5cm on Christmas day, everything you bought from the store in December is free. This could be enough to separate that business from the competition and, if it does snow on Christmas day, the store’s losses are covered by an insurance company. Talk to your broker to see if this type of plan could work for you.
Once you’ve considered all these factors, you’re ready to meet with Cooke Insurance, your local business insurance experts. We have decades of experience helping corporate clients of all sizes, and our hundreds of happy customers are proof that we know our stuff. Stop by for a free consultation today!