Business insurance is a necessity that every company has to include in company overhead expenses. It is only natural for every company to try and look for the cheapest rates available to try and lessen the impact on the company’s profit margins. Since there are several mandatory and recommended business insurance every company needs to have, some companies forego looking at the finer details of the policy and settle for what is the cheapest. But are all affordable business insurance policies created equal? Is it possible to get cheap business insurance, yet have maximum benefits?
Source: Simply Business
Essential items to look into when getting a business insurance quote
Most companies today compare online quotes before buying any business insurance. Some of the most common types include general liability, professional liability, and worker’s compensation insurance. Since policies differ from one company to another, here are four of the critical things to look for:
- Limitations of the liability. The limits of the liability are what defines an insurance quote, especially for general liability and professional liability insurance. This section should outline how much the insurer is willing to pay for claims.
- Retention is another term used for the deductible, which pertains to the out of pocket expense paid by the insured when filing a claim on the insurance policy. There is no linear relationship between the deductible and premium paid, which is why it is essential to crunch the numbers to see if the savings are worth it.
- Carrier rating. The carrier rating is also vital because it determines the reputation of the insurance company. If the insurer is admitted by the state insurance department, you have the added assurance that you can appeal for relief if your claim is not handled correctly.
- Inclusions and exclusions. Cheap insurance is no good if the policy does not include common risks.
By paying attention to these items, you can get maximum insurance coverage and at the same time pay a reasonable premium.
Source: AllBusiness.com
3 ways to get maximum coverage at low rates
If you are familiar with bundled services for your internet, phone and cable, the same principle can also apply to business insurance. Next Insurance can give you a cheaper rate if you buy multiple insurance policies. For example, you can get your general liability insurance, professional liability insurance, and commercial property insurance bundled together in one umbrella policy known as the business owner’s policy.
Another way to get lower insurance rates is by managing business risks. Some strategies you can employ include installing a burglar alarm system, and compliance with codes and regulations. If the insurance company knows that you invest in safety and security for your business, you may qualify for cheaper insurance rates.
Lastly, do not underestimate the importance of comparing quotes online. By taking the time to request quotes from various insurance companies, you can easily find the cheapest and most comprehensive option. With Next Insurance, you can get a free quote with a few clicks of a button and be on your way to getting the insurance coverage you need for your business.
Source: The Sarrica Group
