As a business owner, you are well aware of the importance of protecting your assets. You may have invested significant resources in building your business and ensuring that it survives and thrives, but do you have protection against potential risks to those investments?
Business insurance can play an essential role in providing peace of mind when it comes to safeguarding the future success of your enterprise — but what questions do you need to ask before committing to an insurance agent or policy provider?
16 Questions to Ask When Choosing a Business Insurance Provider
Over the years, having spoken with countless business owners, CEOs the like, we found that many of them that signed up as clients came to us after having issues with previous insurance providers. As a result, we compiled a brief summary of questions you should ask before making your choice.
1. What types of insurance do they offer?
Business owners need to know what type of business insurance coverage their company requires before choosing any provider. Most providers offer general liability, property damage, workers compensation, commercial auto, and umbrella policies. If you have employees, ask if they provide employee benefit plans (healthcare, disability, etc.) and how much does it cost. You may want to consider purchasing additional coverages depending on your industry.
2. How long have they been providing insurance services?
Insurance companies change over time. Make sure you choose a provider who has experience offering insurance products and services. Look at reviews online to find out how satisfied customers were with the service provided.
3. Do they specialize in certain industries?
If you own a restaurant, construction company, or retail store, make sure the provider offers specialized insurance products for those businesses.
4. Are they licensed?
Licensing requirements vary by state. Check with your local government to determine whether your insurer is properly licensed.
5. Can I get a quote without having my policy written yet?
Most insurers require a completed application before issuing a quote. However, some providers allow you to submit an application online and receive a quote immediately.
6. Will they work with me?
Some providers only deal with specific clients. Others will work with anyone. Find out if they’re willing to work with small businesses.
7. What types of policies do they provide?
You should know exactly what type of policy you need before choosing an insurance provider. Do you need Commercial General Liability (CGL) insurance? Or perhaps Property Damage Liability (PDL)? Make sure you understand the difference between these two types of policies.
8. Can I call them directly?
If possible, try calling the number listed on their website. Sometimes, you can reach someone who speaks English well enough to answer questions. If not, you might consider using an online chat service instead.
9. Is customer service included in the price?
Some insurers charge extra fees for customer service. Others don’t. Find out whether customer service is included in the cost of your plan.
10. Does my current insurance cover everything I need?
It’s always smart to check your existing insurance policy to ensure it covers everything you need. If you think something isn’t covered, contact your agent immediately.
11. Will they help me save money?
Many people choose to buy business insurance separately from their auto or home insurance. That way, they can shop around for the best deal. Your insurance provider should be able to give you advice on how to save money.
12. Do they provide references?
If possible, ask for references from previous clients. You want to make sure that the company you choose provides quality service and customer satisfaction.
13. Can I get a quote online?
You may not always be able to get a quote over the phone, especially if you’re dealing with a smaller company. However, if you’re looking for a larger company, you might be able to get a price estimate online.
14. Is there a fee for using their services?
Some companies charge a monthly fee for using their services. Others require a deposit upfront. Be sure to check both options before signing anything.
15. Does the company offer discounts?
Many businesses offer discounts to customers who sign up for longer term plans. Check with your potential provider to see if they offer any discounts.
16. Is there anything else I should know about them?
Ask questions about pricing, payment options, and renewal dates. Also, check with your current insurance provider to compare rates and features.
Deciding whether or not to get business insurance is a tough call for any business owner. Insurance can be expensive, and sometimes it feels like an unnecessary expense. However, in the event of an accident, natural disaster, or lawsuit, business insurance can save your company from financial ruin.
If you’re on the fence about whether or not to purchase business insurance, or to get clarity on what fits your needs, give us a call. We’re here to help.
For expert insurance services to ensure the best long-term care and benefits for you and your employees, contact us at Prosperity QB today!
