Whether you are a small startup or a large multinational company, finding good business insurance can sometimes be an experience shattering. To ensure that you are fully protected, you must weigh the needs of your industry and your operations daily, finances and potential legal issues. To help make the process easier to understand, here are five things you should consider when it comes to finding good business insurance.
1. Choose the right categories of insurance business
Whatever the size of your business or what industry you work in, virtually all forms of insurance companies can be divided into the following categories:
- property and liability
- Automotive and Fleet
- directors and officers
- crime / employee Dishonesty
- pollution
- equipment Breakdown
- Cyber liability
- air or sea
- Benefits and life insurance
- Errors and omissions
- professional liability
- Marine / Cargo
Each category has specific types of coverage that may or may not be appropriate to your industry. The best way to determine if you need insurance for these categories is to ask yourself if your company could be exposed to financial damages for not having a particular type of insurance. Once you've made that decision, consult an insurance broker to help find specific options in each category.
2. Ensure that you legally required Business Insurance
There are many types of insurance companies in Canada (and the world) are legally required to have to run. These are mainly divided into two categories: government and contracts. Insurance government enterprises consists of coverage you are legally required to have, like car insurance for company vehicles or environmental insurance / pollution for industrial operations. contractual insurance company consists of everything concerning the legal arrangements you have made, such as building leases and supplier contracts. Ultimately, the best way to ensure that you are operating above board is to consult a legal professional and a broker to find insurance companies that you are legally required to have.
3. Choose Industry Specific Business Insurance
Regardless of what type of industry you are involved in, chances are there is a type of business insurance tailored to your special needs. Of course, your needs are constantly changing, which is why the insurance industry is constantly stay updated on the latest requirements. Insurance pollution, for example, has become very important for many industries such as government regulations tighten. Similarly, coverage of cyber responsibility is a relatively new product that protects against costs resulting from a beach privacy / data. If your company deals with large amounts of debt, you can also consider trade credit insurance. Look at what other companies in your field are doing and speak with a reputable broker to find insurance that is specifically designed for your industry.
4. Consider claims insurance business scenarios
One of the best ways to approach this type of coverage you need is to consider specific scenarios that might arise during your operations. Claims can come from all directions and all levels of severity. Maybe you accidentally sold a defective product (product liability insurance), underwent a building fire (property insurance) was someone slipping and themselves (liability insurance) hurt, deal with an employee who may have stolen from you (crime / employee dishonesty insurance), had a damaged cargo (freight insurance), someone fired from work (directors and officers insurance) or had an electrical panel in the building short (ventilation equipment). In general, the defective work, defective products, or work accidents are some of the most common claims that you will face. However, you should also consider some of the most common situations you are dealing on a daily basis, many of which will be specific to your industry and business. A broker can also help you consider other situations that might come to help find the right insurance for your needs.
5. Understand the risks without business insurance
The fact is that, without business insurance, you may finance the future and your company's reputation. A useful way to determine what type of coverage you need is to determine the potential risks of injury or damage that could lead to lawsuits and financial losses. Ask yourself if your business could survive the financial benefits of a lawsuit related to this risk. If the answer is "no", you should consult an insurance broker to find out how you can better protect yourself against potential risks.
In addition to the peace of mind of having the right cover in place, one of the other great benefits of business insurance is to have a professional to represent, investigate your account and defend you, something that otherwise take your time and company resources. In addition, a broker can provide expert advice on risk management to help ensure the claims do not occur in the first place. Ultimately, the best way to find bargains insurance is to talk with a qualified insurance broker who can help you navigate the complexities and demands of this unique product.
Learn how insurance companies can protect your business, contact Rogers Insurance today for a free quote.
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