Business insurance is an essential tool to protect your business assets in case of emergencies. But not all business insurance policies are created equal and may not provide coverage that meets your company’s unique and specific needs. Here are five important questions to ask of your current insurance provider or any other potential carriers you are considering to make sure you can rest easy in the event of needing to file a claim:
1. Is Your Business At A High Risk Of Needing To Use Insurance?
There are certain types of businesses dealing with sensitive or high-stakes outcomes, such as medical practices, dentistry, funeral homes, or veterinary practices who need to prioritize acquiring comprehensive, highly nuanced business insurance policies. The higher the risk involved with your business practices, the more you need to be able to trust that your insurance agent and provider have you covered. When approaching an agent, you will want to specifically ask about their level of expertise in helping these types of businesses. Asking for references in your field can also help put your mind at ease when deciding on an insurance professional.
2. When Was The Last Time You Reviewed Your Business Insurance Policy?
With insurance rates, government requirements, and economic conditions changing constantly, it’s important to keep on top of whether or not your policy is still up to snuff. Scheduling an annual review with your insurance agent can help keep you up to date.
3. Where Are The Gaps In My Insurance Policy?
Having a gap in your insurance policy can turn an unfortunate event into a financial disaster with potentially devastating effects on your business and livelihood. When selecting a coverage plan, take a hard look at all potential pitfalls that you may want coverage for. Does your business collect credit card information from customers that have the potential to be hacked? Do you employ delivery drivers or cyclists that are at risk for an auto accident while at work? Do you own a storefront near a waterfront that may flood during a storm? Discuss these issues with your insurance professional, and keep a list handy of new issues that pop up so you can address potential gaps during your yearly review.
4. How Many Insurance Providers Does My Agent Have Access To?
It’s common for insurance agents to only be able to offer you a policy from one specific insurance provider. If there is a specific provider you want to work with, you’ll want to choose one of their agents. However, if it is important to you to have an agent that is able to shop around for the best price or a policy that covers unique business needs, you will want to know which providers your agent works with before entering a business relationship.
5. Has My Agent Offered Me All The Insurance I Need?
This is an important question to ask when discussing potential gaps in your insurance coverage. If a natural disaster or employee mistake opens you up to a major financial liability, you’ll want your insurance agent to be able to reassure you that your business is protected. But if the agent failed to offer you coverage for this claim, they may not have done right by you. Asking these important questions will help you to rest easy knowing that your business insurance is doing its job — keeping you and your business protected.
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