There are so many different types of insurance out there and so many different companies, it can be somewhat overwhelming trying to choose the right company. There are a few ways to make the process of choosing insurance a little easier, from working with an insurance broker through to getting specialized insurance that perfectly suits your business or non profit. If you’d like to learn more about how to choose the right business insurance, keep reading to learn more about my top 4 tips.
1. Work With a Broker
Whenever you’re looking for any type of insurance, a broker can be a huge asset. They can help find the best options for you, curate a list of which ones have what benefits, and help you choose. This part of the process can take a really long time so having someone who’s an expert and has a ton of experience with these companies can take a lot of the pressure off. Often the broker will get a commission directly from the insurance company, so there’s no actual cost to you. It also means if there’s a problem and you need to make a claim, you can often communicate directly with the broker.
2. Get Specialized Insurance
What kind of insurance do you need? Do you need nonprofit insurance, liability insurance or another type of business insurance? Choosing a specific type of insurance that suits your business properly will mean that you get coverage that will actually protect you when you need it. This is something that the broker can help you with – ensuring you’re getting the right type of insurance coverage for your business.
3. Check Each Year
One of the biggest mistakes people make when getting business insurance is they choose a company and a policy and never consider alternatives. You can end up spending hundreds or even thousands extra each year by not comparing alternatives. For that reason I suggest checking each year to see if there’s a better alternative for your business. Sometimes all you’ll need to do is change plans within the same company, but sometimes it will also mean changing insurance companies.
4. Ask for References
Ask around with friends and family to see if they’ve worked with any of the companies you’re considering. I prefer hearing first hand experiences of how claims and refunds were handled. Getting references can give you peace of mind that the company you’re working with will give you the protection and coverage you need should the unthinkable happen.
Getting insurance for your business doesn’t have to feel overwhelming. Hopefully these tips make you feel more confident about your choice.