Business Insurance – The Renewal – Price vs. Coverage
Business insurance comes in many flavors, when you are searching for an agent that can handle your business insurance needs, make sure you explain to the agent exactly what you are doing in your business. Many business owners usually just hand over their current policy declaration pages to the new agent and the agent might take that as “this is the only coverage that you need”. Successful insurance agents will ask the business owner for a meeting to get a better understanding of their business. Having this discussion about your business will help the agent put together the best coverages in case of a loss.
As a business owner, you are probably aware that insurance for your business might look different than another business down the street. Business insurance policies can have several sections and endorsements. As an example if you have a floral business, you will probably need general liability, commercial auto, and commercial property. (Depending on your business, you also might need other policies and or coverages.) Regarding endorsements, you will need to look for spoilage coverage in the case of a power outage to make sure your floral (property) is covered due to damage from a power outage. You might also need increased coverage on contents during special times of the year like Mother’s Day, Graduation, and Christmas.
As you approach your insurance policy renewals, do not just focus on price, but make sure you focus on coverage. Remember to take the time to talk with your agent about your business and inform them if anything has changed over the past year. Give one of our Idol Insurance Commercial / Business agents a call to discuss your renewal.