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Just as you are likely to protect your own health, insurance is a great way to protect the financial health of your business. Commercial insurance just makes good business sense. Here are a few basic considerations to bear in mind when buying insurance for your company. Get The Right Insurance Proper insurance protects you from losses, but a significant loss to one company may be trivial to the next. Therefore, coverages, deductibles and policy limits must be chosen carefully. Discuss your unique needs with your insurance broker. Keep Your Policy Up-to-Date Commercial insurance policies should be periodically reviewed with your broker. When your business grows, your insurance needs will likely change. You don’t want to find yourself paying for coverage you don’t need anymore. High Deductible, Low Premium Appropriate deductibles mean your insurance is doing what it’s supposed to do: pay for the significant losses, not the minor ones. Remember, the higher the deductible, the lower the insurance premium. Examine your loss history and talk to your broker to determine optimal deductible levels. Pay The Right Price Adequate coverage means you are not over-insured and paying too much. To make an accurate calculation, work with your insurance broker to examine the value of your property, your claims history and your potential liability exposure. Get To Know Your Broker Sound relationships are just good business. Get to know your insurance broker. The more your broker knows about your operation, the better prepared they’ll be to present your organization to insurers. Reference checks are a great way to find out if your insurance broker is reputable, reliability and knowledgeable. Get The Most For Your Money Comparative quotes allow you to decide which insurance company strikes the best balance between premium savings and your ability to pay the deductibles based on the number of claims you expect to have. Also, find out about additional services your insurance broker provides. Some of those services might already be included in your fees. Ensure You Are A Good Risk Insurers make an investment decision every time they decide which businesses to insure. Just like you, they want to know their investment is as risk-free as possible. If your business is deemed to be a good risk, your insurance broker may be able to get you very favourable premiums. Give us a call at Taylor Group of Companies and let’s talk about your business needs. We share the same goal: to prevent losses from occurring that could effect the financial well being of your business. Source: Insurance Bureau of Canada 2006, “Buying Business Insurance” (On-line) http://www.ibc.ca/bc_buying_comm_ins.asp. |
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