Things To Consider When Purchasing Insurance For Your Small Business
When I leased the space that was to become my tea store, the owners of the building stipulated in the lease that I was responsible for insurance on the building to the tune of one million dollars. I was alarmed at what this might cost, but the owners referred me to an insurance agent they knew well and I was surprised when I found out that this would cost only $500 per year.
I was dealing with an independent insurance agent who found me a policy through one of the big national insurance companies. My agent, I'm sure, could have given me a bare bones policy, and I would have gone away happy; however, she did what all good agents should do and let me know that once a policy price has been established for what you need, companies will often let you add more coverage at no additional cost.
With that in mind, she got me free coverage for all sorts of eventualities, such as having a car accident on the way to or from work, damage to shipped goods, and work done off site.
When purchasing insurance for your small business, you want to be sure that everything you might need is included.
In my case, I didn't even know what I might need, but luckily my broker did.
Besides the obvious, such as the value of the leased or purchased space itself and the merchandise or other assets inside, here are some of the items to consider: business liability, including medical expenses, employment practices, and damage to premises rented to you.
Other items that can be included, probably at no extra cost, include computer fraud, employee dishonesty, outdoor signs, sewer and drain backup, unauthorized business card use, and so on.
Whereas I got lucky, in that my landlords referred me to a good broker, my advice would be to do what I failed to do when starting my business: canvass your neighbors. By this I mean to visit neighboring businesses and ask the owners questions. Not only might this help you to find a reliable insurance broker, but it has many other advantages in that your knowledge of many business related issues in your area will be expanded.
Recently my sister decided to rent commercial kitchen space in order to bake goods for the tea store. The owners of the kitchen stipulated that my sister have insurance to cover damages to their property that she could potentially cause. Before calling my broker to find out what that would cost, I checked the store's insurance policy and found out that my sister would be covered by our present policy to the tune of $300,000.
So here's another tip: when things come up that demand coverage, check your insurance policy first; you may already be covered.
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