You decided that you were tired of working for someone else. It was time to start your own business. But, did you think about all of the things that go along with owning your own business? I could make a list for days, but this post is going to talk about business insurance. More importantly, I am going to give you ten insurance tips for when you are starting your own business. I know ten insurance tips when starting a business, you must be thinking shouldn’t there be around 50 tips? The answer to that is yes, but ten is a good number to start with. I have made a nice infographic to help explain these 10 tips which you can share if you would like.
1) Find A Good BOP
A new business needs a good BOP, otherwise known as a business owners’ policy. A BOP is an excellent place to start when it comes to getting coverage. A BOP might consist of employees’ liability, commercial liability, vehicle coverage and more in the same package.
2) Monitor Your Policies As Your Business Grows.
Your business is going to grow and it’s possible to outgrow your BOP. This means you need other options. If you start moving to more locations or producing a larger volume of products, you should start looking for something other than your starting BOP.
3) Cover Employees
Of course, if your business has employees, you need to cover them. You will need workers’ compensation coverage for employees. Even if not required you should get this coverage.
4) Be Sure To Offer Disability Coverage
It’s also a good idea for a business to offer a short-term or even a long-term disability coverage. Some states actually require this. It also makes your team happy.
5) Liability Coverage
It’s a good idea to add employment practices liability to your businesses coverage. It takes care of workplace harassment, discrimination, wrongful termination and other similar issues.
6) Do Your Own Research
It’s great to get a professional to help you make a decision, however as a business owner you should do your own research first. This will familiarize you with the basics and make it more likely for you to get the best deal.
7) Always Shop Around
Never go with the first company or agent that you find. It’s best to shop around, you will be surprised how different a good agent is compared to one who doesn’t have your best interests in mind.
8) Find An Independent Agent
Getting the help of an independent insurance agent is very helpful as they will guide you through the entire process. Independent agents give you quotes and info about different policies and from many sources. They can find you the best deal.
9) Go With Someone You Trust
While looking for a good agent. You will probably find that an Independent agent will be the most help. But, it’s very important that you choose an agent you trust. This helps you be confident you are getting the best coverage for your business.
10) Continue To Evaluate Your Needs
You got great coverage, but the process is never over. Be sure to check in with your agent regularly to check on your coverage. A new location, new employees, regulation changes can affect the type of coverage you need. Stay vigilant and know the process never ends.
There you go, now you should have a good understanding of what to do insurance-wise when you are starting your own business. You knew it wasn’t going to be easy, but maybe our tips will make starting your own business a little easier. Again feel free to share the infographic that includes the 10 tips.