Congratulations! You’re a business owner! And as a business owner, you’re independent, willing to take risks, and are happy to reap the benefits of your hard work. But beware-some risks may come at too high a price. And that’s where business insurance comes in handy. Here’s what you need to know about how to choose the right business insurance plans.
- Risky Business: Insurance companies analyze the amount of risk associated with your business and use that to determine the coverage they are willing to grant you. This process is know as underwriting. Underwriting has a lot to do with the final premium you end up paying. It’s important for you to be familiar with the types of risks associated with your business including the location, type of building, local fire protection services, and the amount of coverage you may already have. Being aware of risk can protect you from sticker shock while shopping for policies.
- BOP, Anyone? Consider obtaining a Business Owner’s Policy, otherwise know as a BOP. A BOP is a combination of several separately offered policies, bundled to save you on the premium. Most BOPs include property, general liability, commercial auto and other common types of business insurance. BOPs can simplify the purchasing process and save you money, but be aware that they do not offer all types of coverage. If your business has unique risks, you may want to consider adding additional policies.
- Trust Is Key: Finding a licensed, trustworthy insurance broker will make the process of shopping for insurance considerably easier. Brokers have the experience, knowledge, and personnel to take the time to find a comprehensive yet affordable insurance policy to meet the unique needs of your business. Brokers are just as important a good accountant or lawyer.
At Capital Insurance Service, we know a little something about what it’s like to do business in the Truckee Meadows. We’ve been in business for over 15 years and have experienced many ups and downs. We are proud to serve the Northern Nevada area and understand the market. Who better to trust your business insurance policy to that someone who understands what it’s like to do business here?