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Hello Insurance. Goodbye Risk.


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Hello Insurance. Goodbye Risk.

When it comes down to it, all insurance really serves a single purpose. It reduces your risk. Perhaps you cannot afford to risk having to pay $100,000 if someone is badly injured on your property. You'd buy homeowners insurance to protect you from that risk. Maybe you don't want to have to shell out $20,000 for a new car if someone drives into the side of yours in a parking lot. You'd buy comprehensive car insurance to cover that risk. More insurance equals less risk. But how much risk do you need to protect against, and how much insurance is enough? Only you can answer that question, and you should have a better idea of your answer after reading the articles on this website.

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Essential Tips to Consider for Your Commercial Insurance Policy

Commercial insurance can benefit your business in several ways, including in risk, financial, and employee protection. Unfortunately, not all business owners consider it. For example, a 2018 survey found that only 54% of micro-businesses in the United States had commercial insurance. If you're looking to purchase this fundamental policy for your business, this guide offers essential tips you need to consider, including: 

Update Your Policy Regularly

Commercial insurance policies can change from time to time. You may also want to enhance your coverage depending on your business's needs. That's why it's important to review your plan regularly and make any necessary changes as your enterprise grows. You want to ensure your insurance is adequate and take advantage of discounts when available. 

Think of Your Business's Risk Factors

Understanding how you can assess your business's risk factors can help you purchase adequate insurance coverage. For example, if it is online-based, you may want coverage for potential cybercrimes. If you deal with physical products, liability insurance could be the best option. Consulting a reputable insurance advisor can give you insights into assessing risk factors that could impact your enterprise. 

Learn What Could Impact Your Insurance Rates

Apart from assessing risks, you may want to consider factors that may affect the policy's rates. These could include your business type, assets, and the business's location. For example, your industry experience and claims history could affect insurance premium calculations. While you may not control some of these factors, the tips below can help you lower your premiums:

  • Have security alarms and fire systems in your business 

  • Enhance safety in your work environment

  • Avoid hiring employees with compromised driving records to drive your business's vehicles

Do Clients Visit Your Enterprise's Premises?

If clients visit your enterprise's premises, whether it's a warehouse, retail store, or office building, you may want to include liability coverage. This ensures your business against customers who may get injured within your business's premises. For example, it could cater to the required legal fees or pay the victim's medical benefits. 

Find a Reliable and Certified Agent

Ensuring your business is an important investment, and you want to have an agent you can rely on and trust. How can you choose the right broker for your commercial insurance? Here are helpful tips:

  • Ask whether they understand your needs

  • Consider referrals from family and friends

  • Consult other business owners

Conclusion

If you want to avoid unnecessary misfortunes when running your business, do not ignore commercial insurance. For more insights, you may contact a reputable agency, such as United Counties Insurance Group, within your locality.