General Business Insurance: A Critical Overview
Whether you own a small start-up, an established mid-size company like Dunder Mifflin from the TV show, The Office), or a multinational conglomerate, you need a solid general business insurance solution. After all, risks abound for entrepreneurs — and the United States is certainly a litigious society by any reckoning. Without quality layers of insurance protection, your company assets may be overly exposed — and your personal assets may be ripe for plunder as well in certain situations. This article can help you assess your needs and show you how to source superior general business insurance quotes right now.
What Do You Need?
General business insurance can shield you against liability, property damage, worker injury claims, business interruption, employee fraud, burglary, and damage to critical inventory. There is no “one size fits all solution.” But you can adopt some or all the following strategies to simply the process and streamline it. First, identify areas of exposure. For instance, do you transport toxic organic solvents? If so, you likely need insurance to cover yourself should those solvents cause bodily harm to someone or leach into topsoil. If you own a restaurant, you may need business vehicle insurance to cover your fleet of delivery vans. If you own a construction company, you need insurance to protect your workers, supervisors, anyone who wanders on site.
Know your minimal legal requirements. For instance, if you employ 4+ plus people, you will almost certainly need workers compensation insurance. Some financiers and mortgage lenders may require that you provide life and health coverage. You could face fines and worse for underinsuring. Talk to an attorney and to peers in the industry to learn your minimal obligations.
Getting Started with General Business Insurance
Collect information about your company before you speak with an agent. You will likely be asked to provide info such as your gross annual receipts, how many years you have been doing what you have been doing, how many employees you have, how many business vehicles you own/lease, whether you store or supply chemicals or food products, and so on. Some businesses may find it challenging to get traditional general business insurance. For instance, carriers may decline to cover airlines, amusement parks and personal security companies. Owners of these businesses should seek out specialty coverage through dedicated insurers. Physicians will need medical malpractice liability coverage, for instance. Barbers, funeral directors, hearing aid professionals, retail merchants, and farm property owners can find pre-tailored packages.
Tailor your policy to your needs and risk tolerances. Massage the details on your policy to make sure you don’t pay too much or accidentally exclude key coverage.
Great General Business Insurance Quotes
NetQuote, a fast and free online service, can provide five plus quotes for you to compare and contrast at your leisure. Shopping around to compare insurers puts you in a good position to “win” — to get better coverage at a lower price. We have helped thousands of people just like you save lots of money on their policies since 1989.
See how much you could save today on your insurance. Get your free business insurance quotes today!