How To Select the Right Insurance for Your Small Business
Small business owners face a wide range of risks, and it’s critical to protect your business and employees with the right insurance coverage. Our guide will help you understand the different types of small business insurance, from basic liability and property insurance to specialized policies like workers' compensation and professional
liability.
Understand What Insurance You Need.
First, take a look at the risks associated with your type of business. Weigh up potential scenarios that could cause losses or disrupt your operations and determine the right coverage to protect you financially. Insurance is typically needed in three areas: property and liability; personnel; and specialized coverages like professional liability. Consider what type of protection is necessary for each scenario so you can tailor a policy
to meet your needs.
Seek Out Discounts and Special Rate Programs.
Many insurers provide discounts and special rate programs for small businesses. Take advantage of these opportunities and don’t forget to shop around for the best possible rates. Consider bundling different types of insurance, if you are able, as this can also lower your costs substantially. Finally, look for safety incentives that will reward you for implementing safety measures such as accident prevention training programs or storing supplies properly.
Check Financial Strength Ratings of Insurers You’re Considering.
The financial strength of an insurance company is incredibly important. Before selecting a policy, look up the company’s ratings from independent rating agencies like A.M. Best and Standard & Poor’s; the higher their ratings, the better. These agencies evaluate insurers own data on investment portfolios and capitalization to determine a rating for them, which in turn lets you know exactly how reliable the insurers are, should you need to use your coverage.
Types of Insurance to Consider
Liability insurance can be one of the most important forms of coverage for small businesses. It helps protect against unexpected losses caused by injury to another person or damage to someone else’s property. Types of liability coverage include general liability, professional liability, product liability, and directors & officers liability. In some cases, you may need specialized coverages like cyber risk insurance or employment practices liability insurance (EPLI).
Consider Working With an Monarch Benefit Advisors
It's very difficult to find the right policy for your business, that's why Monarch BA is here to help. Being carrier agnostic, we shop the marketplace for the very best policies at the very best prices for our clients. Monarch Benefit Advisors guarantees our clients we will find the insurance products best suited to their needs and requirements. Our dedicated team of professionals are ready to listen and accommodate, no matter the type of policy needed.