Finding the Best Deals on Small Business Liability Insurance

• If you can, choose among companies or brokers who specialize in your type of business. Call several so that you can compare prices and become familiar with the types of business liability insurance and other coverages they provide.
• Once you’ve come up with a few promising candidates, make sure those companies are in good shape financially. Check the financial health of insurers with rating companies such as A.M. Best and Standard & Poor’s, and consult consumer magazines such as Consumer Reports. Remember that when you buy small business liability insurance and other types of coverage for your business from an insurer, you are relying on that company to be there for you.

Deductibles lower your insurance costs.

• Deductibles represent the amount of money you pay before your business insurance policy kicks in. The higher the deductible you choose, the less you will pay for the policy. Be sure, though, that you have sufficient funds on hand to cover that higher deductible if you need to file a claim.
• If yours is a small to medium-sized business, you can often save money on your business insurance by getting a package policy, such as a Business Owners Policy (BOP) instead of individual coverages. A package policy provides appropriate standard coverages and limits of liability for smaller businesses.

Your insurance agent or broker can provide invaluable advice to help protect your business from unexpected disasters. Be sure to keep him or her informed about any major changes in your business-major purchases, expansions, or changes in the nature of your operation. In addition, ask about disaster planning and reducing risks such as fire or work-related accidents.

Having the right coverage, plus a well-crafted disaster plan, can save you money in the long run. It might even save your business from going under. That’s why it’s more than worth the effort to research business liability insurance before you sign on the dotted line.

You’ve worked hard to make your business a success. Protect your investment with business insurance that offers good coverage at a good price.