To insure your business, you want the best insurance at the best price. The first step in getting the right business insurance is to get the right insurance agent. They should have experience in business insurance so that you are sure he has a clear understanding of insurance in general and is knowledgeable about the insurance products available on the market as well as across companies. Their commercial expertise will help him understand your needs and establish the best needs-availability match.
How to Find Your Insurance Agent
Sorting through the insurance agents who will come knocking at your door and finding the one who suits your needs the best is not an easy task. You may want to focus your search on independent rather than corporate agents, as this will automatically give you access to products across insurance companies. The following tips may help.
For a more focused and specialized search:
- 1. Ask your personal insurance agent to recommend a good business insurance agent. As in every line of business, insurance agents also network and your agent is likely to know a good agent. Your insurance agent would also have access to a specialized pool of insurance agents and so you are likely to hit on the right choice.
- 2. Ask people in the same line of business to recommend an agent. Ask for recommendations from people who run the same line of business as yours and whose scale of operations is similar to yours.
- 3. Ask your business associates, such as your accountant, to recommend a good agent.
For a wider search:
- 1. Go through the yellow pages or business directory, meet prospective agents and make your choice.
- 2. Do an Internet search. This will give you a much wider pool of agents to choose from. Sometimes, you can even get a quote online.
Before finalizing your agent, check the following:
- 1. Check their level of experience in your specific area of business. Business insurance is a niche sector. Your agent needs to have specialized knowledge.
- 2. Ensure that they are knowledgeable about the insurance products available across insurance companies.
- 3. Ask the agent for references. Knowledge and service are the two key factors that you need to check on.
- 4. Check if your insurance agent has the necessary license to operate in the states/areas where you have your businesses.
- 5. Inquire with the Better Business Bureau (BBB) as to whether there have been any complaints made either against this specific agent or the company he represents.
Once you have chosen an insurance agent who you believe is going to be able to provide you with the best insurance solution and service, make sure that you get the optimum coverage (neither too much or too little) at the best price. Make sure you understand how your premium is going to be calculated.
You may want to look at a package policy rather than a tailor made solution, as the premium on these tend to be lower. Once you have your choice of policy and understand your premium calculation, run it by an associate in a similar business or even a financial consultant. This will help convince you that you have not only chosen the right insurance agent, but also the right policy.
Once your business is covered by insurance, you will have a lighter heart and be able to put more energy into running your business.
