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as a business owner, what do you look for in an insurance company? The first answer for many small business owners will be the cheapest price. In these risky economic times, this reasoning is understandable. However, there are many pieces of the puzzle of commercial insurance and the price is just one of them. Here are some other things you should pay serious attention to.
- Full coverage that is tailored to your company type. For example, if you are a restaurant or distributor of perishable products, it is imperative that your policy has a coverage deterioration. If you are a manufacturer, it might be a good idea to have a business income coverage quota if there is a significant loss to one of your suppliers. If you are an entrepreneur, you may want to consider additional coverage of hedge written contract. Is there a coinsurance clause on the cover of your property? If so, you could be penalized in case of a loss if the property values are underinsured. coverage agreed amount or waiving coinsurance clause will eliminate the trouble coinsurance property.
- Claims Service . Protection when you experience a loss is why you buy insurance, but unfortunately, you often do not know what you bought until a loss occurs, then the "rubber meets the road." Evaluate how your current and previous carriers have responded to your requests in the past. How long someone will call you after reporting your claim? adjusters were fair and well-informed? Followed telephone calls returned promptly? Talk to some of your friends who are in the same business and find out what their experiences were.
- Automation. Can you post or check the status of claims online or via your mobile phone? Can you make premium payments online or via your phone?
- Loss of control. Does the carrier have experienced control engineers losses that will help you with risk controls and help you keep your favorable loss experience? The better your experience, you attract more competitive premiums.
- financial stability. What is the AM Best rating of the carrier? Some mortgage lenders will not accept a carrier that is rated at least A. If a carrier is rated A (Excellent) or better, they make sound financial decisions and should be able to pay your claims. Take a look at the tenure of owners as well. A company that has been owned by the same group for a long time is often more stable than that which has just been bought.
- Agent. This may be the most important factor to consider. Do you deal with someone who is experienced and knowledgeable about the risks that your business needs protection? What about the relationship of the agent with the carrier? Commercial insurance is often cut and dry. An official of a strong relationship with a carrier could get more consideration than the subscription, not much writing with the carrier. What about the support staff that the agent uses? Ask about their experience because a lot of times that's who you talk to after the policy is linked.
Price will always be one of the key factors when you make your final decision, but remember that old adage "you get what you pay for" and make sure the other pieces are in place. Sometimes, superior service and coverage can be useful for an additional cost.
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