How will You Choose Best Business Insurance Plan?

Discussion in 'Growing and Managing a Business' started by david14beck, Jun 24, 2015.

  1. david14beck

    david14beck
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    How will you choose best business insurance for your insurance coverage ??we don't know who can take care of your all debts and other things? What things you will concentrate when choosing a insurance plan
     
  2. Damien Lee

    Damien Lee
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    Insurance plans don't take care of your debts, they only cover losses which are caused by fire, theft, litigation etc. Insurance companies are incredibly weary of business people who run their businesses in nefarious ways, they may not cover your claim if you're not reputable.

    When choosing an insurance plan, it's important to do a risk analysis of your business and where losses are most likely to take place. A good insurance broker will be able to determine these key areas and how much cover you should have.
     
  3. eastman

    eastman
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    Insurance coverage is available for every conceivable risk your business might face. Cost and amount of coverage of policies vary among insurers. You should discuss your specific business risks and the types of insurance available with your insurance agent or broker. Your agency can advise you on the exact types of insurance you should consider purchasing.
    General Liability Insurance
    Product Liability Insurance
    Professional Liability Insurance
    Commercial Property Insurance
     
  4. asbrown

    asbrown
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    It is not that much different from choosing a personal insurance plan. First start by figuring out what you need, usually that will be general liability insurance, but there are a couple other options that may be better for your company:
    • General Liability - covers against 3rd party liabilities caused by negligence
    • Errors and Omissions - protection from a lawsuit that may results from professional service breakdowns
    • Business Owner Policy - covers assets or office contents against damages due to theft, fire, and accidental damage
    Once you figure that out, contact the insurance companies in your area, compare quotes, and do a little background checking before making a final decision. Insurance companies can, and do ,fail, so looking into their rating is often a good idea. A.M. Best or Standard & Poor are two options for checking that kind of information, and you'll be looking for a rating of B+ or better.
     

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