What to do before you secure a business insurance policy.
You’re the proud owner of a new small business – congratulations! It’s no small feat or easy effort to get a business off the ground. It’s important to keep in mind that nothing can derail your newly founded company like an accident or lawsuit. Before you open your doors for business, it’s worthwhile securing reliable insurance. To ensure you find the right policy for your needs, check out these tips.
Determine Your Risk
Depending on the industry, your business may need more or less standard insurance. For example, businesses who give out advice, such as a lawyer, and those with physical risks, such as a builder, may need more insurance than a company selling paper. If you’re unsure about your risks, an insurance agent will happily help.
Check Your State’s Workers’ Comp Laws
Nearly every state requires some form of Workers’ Compensation Insurance – even if you only have one employee. Take the time to properly classify your employees so that you aren’t subject to worker misclassification fines and know your state’s workers’ comp laws.
Some business owners buy multiple policies with different insurers as a means to keep the costs down. However, ‘bundling’, or placing all your business coverages under one policy with one insurer, may help to reduce premium costs. As an added bonus, they can make managing your insurance renewals less time-consuming.
Review Coverage Often
A business can change rapidly – especially a new small business that gains traction and builds up their client list. Be sure that when your business changes, so does your insurance. You don’t want to have any new risks exposed that are easily covered by insurance.
Are you ready to get started? Contact Tompkins Insurance for help securing your business insurance today.