subject: Assessing Your Business' Commercial Insurance Needs [print this page] Are you starting up or already have started up your own business? Then you need business insurance. But what business insurance cover do you need?
The commercial insurance that will suit you will not suit every business. First you need commercial insurance that suits your industry. Second you need that which suits you personally and any other officers of your company. But most of all, you need an insurance policy or policies providing you cover that is tailored specifically to your business.
Even businesses within the same industry and with the same number of managers still each have unique qualities that require unique insurance protection solutions. Now this might all seem quite obvious to you. But what this really means for you is that you must be totally aware of exactly what makes your business unique, otherwise, you run the risk of paying too much for unnecessary cover or, conversely, not having enough or the appropriate cover.
As such, you must ask yourself some important questions before you make decisions about which business insurance to buy.
*Answer for yourself the questions of 'What, where, how and when? These are the questions of which risks, exactly, your business is exposed to.
*What are the greatest risks that your business must face?
*What is it that you sell or offer to people?
*How do you make or produce commodities which you sell or offer? Do you do it in house or do you outsource? Who are your suppliers? How many of them do you have?
*How many employees will you have?
*What will be the necessary equipment for running your business?
*Will you be using any vehicles directly for business purposes? If so, what types and how many?
*What is the legal structure of your business? Is it incorporated? Is it a contractual partnership?
*Are you open for business yet? If not, when will you be?
*Do you get visited by the public and clients at your office?
As you can see, assessing your risks so that you can accurately buy your insurance cover is not as simple as it may appear on the surface. For this reason, it might help for you to use a business insurance broker.
A quality broker will have agents who can visit your business and work with you to accurately and properly assess your unique set of risks. Then, the broker will pair you up with the appropriate insurance companies and work to get you the lowest prices while never skimping on your cover.
Insurance brokers know their business just as you know yours. You probably aren't wild about the idea of thinking about insurance policies when you have to devote your time to starting up or running your own business. Yet, to reiterate, quality insurance cover for your business' protection is not something that you want to be without. So, while you spend your time and energies on your business, let a commercial insurance broker work on getting you proper cover.
by: Tom Jones
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