Owning a small business is exciting. As a business owner, you are the boss and are passionate about your company. However, in case of accident or other unforeseen occurrences, it is important to buy commercial insurance for your business. Young Insurance recommends talking with an experienced commercial insurance agent before you invest in your business. Buying insurance should be part of your business plan before you open your doors. Commercial insurance will protect you, your employees and your customers in the case of injury or mishap.
What Kind of Commercial Insurance is Needed
It is impossible for an agent to tell you what kind of commercial insurance you need without understanding the scope of your business. An insurance agent needs to take into consideration the size of the business, industry, inventory cost and many other details before quoting. When meeting with your agent, come prepared to discuss these issues by bringing the numbers with you. Your agent can offer you a list or worksheet to let you know what should be included.
Coverage Changes from State to State
Since coverage differs from state to state, you will likely need policies in each state you have a branch of your business. Multi-location businesses need to check the laws in their states to see what requirements each state has. If your business is in North Carolina, you will need to ask your agent what requirements you need to follow and what additional insurance is recommended for your business. Another consideration is accounting for growth and loss within a business and how that will affect your insurance coverage. Your agent will be able to offer you various options in order to fit your budget and any other needs you have.