Every business owner wants to save money, but it’s especially important for those who are just starting out. If you’re about to open a business, or are in the planning stages, you’ll spend a lot of time doing research to ensure you get the best deals on everything from commercial space to office supplies.
High on your list of money-saving priorities should be business insurance. It might not be one of the more exciting things to plan for your business, but it will likely be one of the most valuable investments you’ll make.
Here are a few tips to help you save time and money as you become an insurance entrepreneur:
1.) Assess your risks
Insurance companies will run what’s called a risk analysis, which essentially looks at the potential risks your company faces down the road. Before talking with any insurance agent, the U.S. Small Business Administration says small business owners should access their own risk first. Consider what kind of business you run, where it’s located and the potential hazards to employees and clients. Knowing the potential hazards your business faces will help you get a handle on what kind of insurance you’ll need.
2.) Use a quote comparison site for Business and Auto Insurance
The internet is likely your first stop for about insurance research. While the internet has an abundance of information, you’ll probably get overwhelmed by all the information you’re looking into. Don’t waste time navigating the glut of insurance websites out there; just visit one site that pulls quotes from various agents. Kanetix.com is a one-stop shop for all your business and auto insurance needs. Kanetix.com is to insurance what Travelocity is to air travel. With just a few clicks you’ve got several comparable options and can make an informed decision quickly.
3.) Know the various kinds of insurance
There’s a lot to keep straight when it comes to insurance. From liability insurance to property insurance to auto insurance, there are multiple options. Here’s a quick breakdown of the various types of insurance you may want to consider.
- Commercial property insurance – coverage for everything related to loss or damage of property.
- General liability – coverage for legal hassles suffered after an accident.
- Professional liability insurance – protection against malpractice, error and negligence.
- Product liability insurance – protects against damage or harm caused by faulty products.
4.) Consider a business owner’s policy
Rather than purchasing different kinds of insurance from separate companies, consider combining all the policies you need into one package. The concept of “bundling” is popular in the insurance world. As a business owner you could save money by keeping all of your policies with one company, according to National Small Business Association.
5.) Find a trusted agent
Once you’ve narrowed down your budget and the kinds of insurance you’re interested in, you’ll want to find a reputable agent to talk with. An insurance agent should answer your questions and explain any policies you’re confused about. Be sure you understand what coverage you’re getting before buying anything.
About the Author
Daniel Watson is a journalist and publicist for Kanetix.ca, an innovative insurance quoting marketplace. Kanetix.ca offers great advice on business and auto insurance and ways to save money. You can connect with Daniel Watson on Google+