By law, companies need small business insurance. Make sure you are getting the best deal for you and your employees and everyone will be better off. Property and liability assurance are the most necessary elements of any policy.
The property aspect protects the building/s, physical space and equipment from damage and theft. The liability aspect protects visitors and customers who may have an accident on the property of your company or if they are injured through the use of a product you sold them, through your company.
There is an umbrella type policy that is known as the Business Owner’s Policy or BOP. It is specifically designed for the individual entrepreneur and smaller entity with the limited number of employees they may have. This type of coverage is for owners of smaller apartment buildings, individual stores, limited room offices and certain kinds of processing businesses.
However, it needs to be noted that certain small enterprises need very specific kinds of coverage and do not qualify for this type of umbrella plan. If you have a florists shop, restaurant, car garage or are a wholesaler, you will have your own legal and particular coverage requirements that must be handled separately.
To help you save on your plan some underwriters offer their clients discounts if they prove to have certain safety measures in place at their establishment. For example, security cameras, water sprinklers and alarm systems will all help to provide you with discounted rates. Let your underwriter know too if you have made any upgrades to the plumbing, heating or electrical systems, as these will count toward a special rate as well.
A few tips that can help you save even more money on your small business insurance are; consider higher deductibles. If the likelihood of certain damage occurring is very low you may want to increase the deductible so your monthly coverage costs become lower. Check to see if your underwriter gives discounts for early payments. Shop around and negotiate. If you can find an assurance coverage firm who is willing to offer deals outside the box, offer to swap services for a lower rate. They may just take you up on it and you may get a better deal.
New business owners, visit our site to learn everything you need to know about small business insurance, now. You can also find fantastic tips on how to get the best commercial insurance quotes at http://www.smallbusinessinsurancetips.com/ today.
