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CMT Team

Making Sure Your Business Is Properly Insured

Car insurance and health insurance are somewhat simple concepts. You pay a certain amount for coverage each month, and in return you are covered up to a certain point for your medical expenses or car repairs. Then there are some insurance policies that are a bit more complicated; ones that require plenty of research before making a decision.

Business insurance isn’t rocket science, but it definitely takes a bit of reading or some help to understand what type of coverage your business needs. You want to make sure all your bases are covered. Here are some helpful tips for getting the best business insurance policy for your company.

What Does Your Business Do?

The first step in buying business insurance is finding out what your business actually does. This is because there are different types of business coverage to cover the various liabilities of a business. If you don’t have any actual employees, for example, you don’t have to worry about workers compensation insurance. Similarly, you don’t need commercial vehicle insurance if your business doesn’t actually have any company vehicles.

Here are some of the questions you should ask about your business:

  •          Does your business give advice or provide services which could be detrimental to customers?
  •          Does your business make actual products?
  •          Do you have a company fleet for your business?
  •          Does your business deal with the internet on a regular basis?
  •          Do you have an actual property for your business, or is it run virtually?
  •          Is the head of business (or another key person) at risk of becoming ill or passing away?

There are different types of coverage for each of these situations, so it’s important to be realistic about your business’s situation and the types of coverage you may need.

 Types of Coverage

The types of business coverage you can get from the average New York insurance agency include general liability insurance, professional liability and malpractice insurance, product liability insurance, property insurance, commercial vehicle insurance, workers compensation, loss of income, key person insurance, cyber-crime insurance, records retention insurance, and various types of specialty coverage.

Specialty insurance is a type of insurance that covers your business for risks associated with a particular field of work. If you own a farm, for example, you may consider purchasing specialty insurance to cover farm-specific losses and injuries. Specialty coverage also exists for landlords and medical practices.

If there is specialty coverage for your business, you may want to consider purchasing it to cover as many angles as you can.

Other Tips

Just like with anything, you want to shop around when looking for business insurance. Talk to a few different insurance providers and see what kind of coverage they offer for what price. Look for a good balance of coverage and price.

Before you purchase your business coverage, research the company you’re buying from. Look for reviews online and any information you can find about them. Since you’ll be trusting this company with your business’s well-being, you want to make sure it can be trusted.