After gaining a general understanding of commercial insurance, you must be ready to choose one. Many people prefer the wrong commercial insurance for their companies. Many don't know how to begin, and many more wouldn't know how to scale their insurance policies. Here are some tips you should know about commercial insurance if you're a new business owner.
Find an Agent
The first thing you need to do is to get the best agent based on reputation and recommendation. The agent will help speed up the insurance policy selection process for you. You can have an independent agent because they’re more objective when it comes to assessing insurance companies. However, captive agents who belong to a particular company may have more in-depth information about an insurer.
Get a Business Owner Policy
The most basic of all commercial insurance policies is a BOP. This is general liability insurance and property insurance combined. Ask help from someone you can trust if you need advice when choosing a BOP. Compare quotes when it comes to a BOP, and choose the one where coverage and premium costs would give you the biggest advantage.
Adjust As You Grow
As your company grows, you make more money, and your employees get happier. Life gets better, but then demand increases, and you have to increase supply. In that case, you scale up almost unconsciously. You begin employing more people and broadening your horizons. In that case, you will need to update your current insurance plan.
Protect Your Employees and Yourself
One way to show your concern for your employees is to protect them financially, legally, and medically. Thus, you will need workers’ compensation insurance. Some states require you to provide workers’ compensation insurance for your employees. Also, take note that independent contractors may or may not belong to your group of employees, depending on the type of insurance you have.
Cover Outside Contractors
In any case, the contractor you hire can get you accountable for their actions. Regardless of whether this is your fault from any perspective, you're guilty if the law finds you guilty. Thus, you should avoid unnecessary drama and unwanted stress. In order to do this, find a way to include the independent contractors in your workers’ compensation policy.
Some Final Words
Whether you’re running a home-based business or a traditional office-based one, always get commercial insurance. If you have employees, prepare for a lawsuit if you don’t have insurance to cover their medical expenses. Get commercial insurance for your peace of mind.
At Keith Sanders Insurance Group, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (254) 235-8185 or Click Here to request a free quote.