Business Insurance Quotes
|Bar and Tavern Insurance|
|Business Liability Insurance|
|Church Liability Insurance|
|Commercial Property & Casualty Insurance|
|Errors and Omissions Insurance|
|Farm and Ranch Insurance|
|Home Business Insurance|
|Professional Liability Insurance|
|Small Business Insurance|
|Workers Compensation Insurance|
Save money and get the right insurance coverage for your business with these tips:
Know which premiums are deductible
Premiums for fire, casualty and burglar insurance on business property are all deductible for tax purposes. If a business taxpayer has a self-insurance plan, however, all payments into the self-insurance reserve will not be tax-deductible for purposes; the actual losses incurred by the taxpayer would be the deductions. Premiums for life insurance are tax-deductible, but premiums paid on a policy covering the life of an officer, employee or other key person are not deductible if the business is a direct or indirect beneficiary under the policy.
Know what you want.
Before speaking with an insurance specialists in business insurance, write down a clear statement of your expectations or a list of the coverages you feel you need.
Don’t hold anything back.
Don’t withhold important information from your insurance representative about your business and its exposure to loss. Treat the individual as a professional helper. Unfortunately, you may inadvertently hold back information that could cause some serious financial implications in the event of a disaster.
Get at least 3-5 bids.
Business insurance is a competitive market. Not all carriers and agents are alike. Therefore evaluate the bids, the agents and the companies. Note the interest that the representative take in loss prevention and their suggestions for specialty coverage. Remember, don’t buy on price alone.
Don’t duplicate coverage.
Avoid duplication and overlap in policies. You don’t want to be paying for insurance you don’t need or for coverage you already have under another policy.
Find out if you are dealing with an “admitted insurance company”.
It’s not necessary that you deal an “admitted insurance company”. If the company is and “admitted insurance carrier” it should have a solvency fund should a catastrophe put the insurance company in danger of going under. An unadmitted carrier has no such solvency fund.
Avoid self insurance if you are have a small business.
The small business person should not consider any form of self-insurance. The pool of funds necessary to safely insure losses can be extraordinarily large.
Get your coverage reassessed on an annual basis.
As your company grows, so do your needs and potential liabilities. Underinsurance ranks as a major problem with expanding firms. Get an independent appraiser to value your property, if it has been more than 5 years since it was last appraised. Chances are you are in for a surprise. This also includes your equipment and furnishings.
Keep complete records of your insurance policies, premiums and losses.
This information will help you get better coverage at lower costs in the future. pay claims.