Applying for small business insurance quotes is half the battle. Here’s how to follow it up.
When you finally applied for small business insurance quotes, you may be eager to get coverage in place to protect your business. Now that you have insurance estimates from top providers in front of you, you may be wondering how to choose the policy that best suits your needs. Before you select one with a low premium and minimum coverage, here’s what you need to know about decoding quotes.
The premium is only part of the equation.
Expenses are important to your business, and you will want to keep them to a minimum. For small business owners with lean budgets, it can be tempting to make a decision based on the price. Keep in mind that you’re purchasing insurance to protect your business. Always look at a policy to ensure that it doesn’t leave out coverage you may want later on down the road, and that it has high enough limits to suit your company.
Look for gaps.
The defining details of each policy are inclusions (covered events) and exclusions (events that your insurance won’t account for). Pay attention to these items because they determine the terms of your coverage. For instance, when reviewing coverage for Commercial Auto Insurance, you’ll want to check that you have insurance for bodily injuries, property damage liability, collision coverage, uninsured motorist coverage, and personal injury protection.
Check policy limits and deductibles.
Your policy limits are the stated amount that your insurance provider will pay for a specific event, instance, or claim. Your limits ultimately decide the extent of protection your business receives for liability lawsuits and other losses. While you check your limits, ensure that your deductibles are well within your business’s monthly budget.