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Saturday, 20 December 2014

3 Things to Consider When Looking at Business Insurance Companies

For many business owners, their business is their livelihood," Gregg S. Marcus, a Long Island Insurance Executive. Businesses must be protected, from the employees to the building structure the business is housed in. Choosing the right business insurance company can be a daunting task. Here are some things to consider when making this big decision:

Having an insurance company with a physical location near your business is important. If you choose an insurer that is not based locally, make sure that they are registered to sell insurance in your state. Has the insurance company been in business a long time? Check their reputation: ask for references from happy customers, and ask those customers for additional references. Check the Internet for consumer reports on the company in question, and look them up with AM Best, a company that rates insurance companies. Many insurers seem to come and go, but the ones that last ten years are longer are stable and could be trusted to insure your business or property.

Make sure the insurance company you choose has the options you need. If you have employees, you will have to have worker's comp insurance. If you have vehicles, you will need auto insurance. Your lease may require you to carry liability insurance. A low rate may seem appealing but not if your business will not have the coverage that your business requires. You can try to negotiate with the insurance company for lower costs, but be prepared to pay a fair price for fair coverage. If the realistic price for necessary coverage is legitimately beyond your budget, look into partial measures that cover enough to get by in the case of an emergency.

Does the insurer you are considering have a history of putting customers first? Many people are willing to pay a little more for exceptional customer service over other companies. Remember, the only time you will be calling an insurance company after a policy purchase is to make a claim, and it is during this time when you will be frazzled about the event that just happened. You will want a compassionate and understanding company on your side during the claims process. Doing your homework on the service of an insurance company ahead of time will save you big headaches down the road.

Related Post:
Figuring Out the Small Business Insurance
Protecting Your Business with Small Business Insurance

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