Things to Do When Getting New Business Insurance

Things to Do When Getting New Business Insurance

Top practices to ensure you get reliable coverage for your new business.  

As a new business owner, you will have a lot to think about. It’s common for new, small businesses to get caught up in trying to be successful that they forget to adequately protect themselves from disaster. Although money is tight, your business is not immune to risks and damage, so it’s worthwhile securing the right insurance. Every business will be different and there isn’t a one-size-fits-all policy. Here are the basics of what you should do before getting insurance.

Assess Risks

You’ll need to determine how much risk your business is susceptible to. Are employees involved with dangerous equipment or chemicals? Do you deal with high-profile clients? Is your office situated in a flood-prone area? Consider where your business can face damage and talk to your insurer about finding adequate insurance to protect it.

Consider Different Types of Insurance

Generally, a business will need a couple of policies to stay protected. In this case, it’s wise to familiarize yourself with popular coverages so you can assess if it would help your business.

  • General liability covers lawsuits and other legal fees.
  • Property insurance covers the building (or buildings) where the business is located.
  • Product liability insurance covers legal problems that arise from the products you sell
  • Professional liability insurance protects service-based businesses
  • Business interruption insurance covers a business’s losses in the event of damage or disruption from a natural disaster, during which they have to suspend ordinary business hours.

Review Coverage Often

As your business grows, your insurance will need to, too. Whether you gain more capital, take on more employees, or dabble in new industries, be sure that your insurance matches your business at all times.

For more help on getting your first business going, be sure to avoid these common mistakes that can hinder your success.

Visit the team at American Premier Insurance, serving Phoenix and neighboring cities in Arizona to get access to the right business insurance for your needs.