Journal Première Occasion du 18 septembre 2017. Retrouvez les détails du journal dans la vidéo ci-dessous.
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How to Choose the Best General Liability Insurance for Small Business
Step #1 – Get a Trusted Broker
A true broker relationship will put you first and help you to find policies that match your real business needs. While some brokers specialize in insuring specific types of business, others can connect you with policies specific to your business activities. For example, if you operate a private security guard agency, search for a broker who can source policies that specifically cover private security guard businesses. This type of industry specific policy is often called a program. Access to various insurance markets can be key to creating competition for you business.
Step #2 – Assess Your Business Risks
Help your broker to understand all your business risks. Also make sure your broker enjoys solid relationships with multiple stable underwriters, as he will be responsible for bringing your risk to market. Insurance companies determine the level of risk they will accept when issuing policies, after first reviewing your application and determining whether it will provide all or a portion of the coverage being requested.
Each insurance policy includes a premium and a deductible. A premium is the price you pay for insurance. Premiums vary among insurance companies, and depend on a number of risk factors. These factors include business location, building type, local fire protection services and the amount of insurance you purchase. A deductible is the amount of money the insured agrees to pay when filing a claim. Generally, the higher deductible the insured agrees to pay, the lower the premium will be. However, by agreeing to assume a higher deductible the insured assumes increased financial risk.
Step #3 – Read The Entire Policy
It is surprising how often this step is skipped. It is only by reading through the entire policy your broker will fully understand the extent of your coverages.
Most agencies build business based on volume transactions and don’t read every policy they sell in detail. KMRD does more than place coverage and select plans. In fact, after each policy is issued by the insurance company, our team completes a full 1,000 point review with pin-point accuracy – allowing any errors to be communicated to the carrier and you.
Contact us below to have a KMRD expert review your general liability insurance policy.
Step #4 – A Business Owner’s Policy May be Right For Your Small Business
Insurance can be purchased on an a la carte basis or in a package called a business owners’ policy (BOP). While purchasing separate policies from different insurers can result in higher total premiums, a BOP combines typical coverage options into a standard package. The BOP may be offered at a premium that is less than if each type of coverage was purchased separately.
Typically, BOPs include property, general liability, vehicular, business interruption and other types of coverage common to most businesses. BOPs can both simplify the insurance buying process and cost less. However, take note of the extent of coverage in any BOP because not every type of insurance is included in a BOP. If your business has unique risks, you may require additional coverage.
Step #5 – Review Your Insurance Coverage Annually
As your business expands and potentially changes, so will your liabilities. Your coverage should expand and change along with these liabilities, or else you could be under-insured in the event of a claim. Contact your trusted broker to discuss changes in your business and how they affect your coverage anytime you purchase, upgrade or replace equipment, product mix, or expand operations. This is how to find the best general liability insurance for small business. See more http://kmrdpartners.com/2016/09/26/best-general-liability-insurance-small-business/