Five Questions to Ask Your Business Insurance Agent
If you’ve ever felt overwhelmed by all of the commercial insurance options available out there, you’re not alone. Luckily, your independent business insurance agent is here to help! The next time you schedule a sit-down with your commercial agent, bring this list of five questions along with you — and better your understanding of this necessary coverage.
1. I’m just starting out — do I need business insurance right away? Even if you just opened your doors yesterday — or are planning on opening tomorrow — you need to protect yourself, and your business, with insurance coverage. After all, the minute you’re open for business, you’re also exposing yourself to liability. Plus, if you have employees, the state requires you to carry worker’s compensation insurance from day one.
2. I don’t have many major assets — do I really need commercial insurance? Whether your business is small, based on the web, or simply doesn’t have a lot of assets of inventory, you still need coverage. Why? Because every business has property of one kind or another, and if it’s damaged, broken or stolen, you’ll need to replace it. These items are covered by property insurance. But commercial insurance isn’t just about material items, either. Consider issues of interrupted income, lawsuits brought by unsatisfied customers, and damages caused by you or your possessions, all issues covered by liability insurance.
3. What property should I insure? While your business insurance agent can help you determine your specific needs, you’ll want to consider insuring your:
- Building
- Equipment
- Supplies
- Furniture
- Inventory
- Computers
- Vehicles
- Intellectual property, trademarks and other intangibles
4. Which types of commercial insurance should I consider? This questions depends on your specific business needs. Most businesses need general liability, property and worker’s compensation to start. Your commercial insurance agent will make recommendations based on your unique situation.
5. How can I lower my premiums? Great question! Don’t forget to ask for help lowering those premiums. Often, insurers offers discounts for steps you take that reduce risk in your business. These may include:
- Security systems
- Fire safety precautions
- Employee training
- Using the services of a risk manager
Bring these questions along the next time you meet with your commercial insurance agent.
Born and raised in Southern California, Dave was educated at Loyola High School and Arizona State University. After graduation, he founded two successful restaurants in Arizona, eventually selling them to move back to California. He began his insurance career working for Canadian Indemnity Insurance Company before joining Frank M. Flynn & Company in 1979. In 1985, he purchased the agency, eventually joining other local insurance agency owners to form Pacific Unified Insurance in 1992.
