Tips For Buying Small Business Insurance
These are some key tips for buying small business insurance. Griggs Ficklen Insurance provides business insurance in Loganville, Watkinsville, Athens, GA, Commerce, GA, Monroe, GA, Jefferson, GA and surrounding areas.
- Assess Your Risks
Identify the risks associated with your business, such as property damage, liability claims, employee injuries, or cyber threats. This helps determine the type and amount of coverage you need.
- Know the Types of Insurance
General Liability Insurance: Covers legal fees and damages from third-party injuries or property damage.
Property Insurance: Protects your physical assets, including buildings, equipment, and inventory.
Workers’ Compensation: Required if you have employees; covers work-related injuries and medical expenses.
Professional Liability (Errors & Omissions Insurance): Essential for service-based businesses to protect against claims of negligence.
Cyber Liability Insurance: Protects against data breaches and cyberattacks.
- Compare Multiple Quotes
Get quotes from different insurers to compare coverage, premiums, and deductibles. Look beyond the price—ensure the policy covers your business needs.
- Check the Insurer’s Reputation
Choose a reputable insurance provider with strong financial stability and positive customer reviews. You want a company that will handle claims efficiently.
- Bundle Policies for Savings
Many insurers offer Business Owner’s Policies (BOPs) that bundle general liability and property insurance at a lower cost than buying them separately.
- Understand Policy Exclusions
Read the fine print to know what is not covered. Some policies have exclusions for specific risks like floods, earthquakes, or employee dishonesty.
- Review and Update Annually
As your business grows, your insurance needs may change. Regularly review your policy to ensure adequate coverage.
By following these tips, you can protect your small business from unexpected financial losses while keeping costs manageable. Please reach out with any questions you might have, and we will be happy to help.