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5 Steps to Get a Personalized Business Insurance Policy

To protect your business from the various perils that may devastate it, you should consider carrying personalized insurance. In addition to the market forces that you have to wrestle with, your business is also exposed to potentially devastating perils like theft, vandalism, fire, earthquake, and floods. It’s worth noting that around 40% of companies never recover after a disaster. According to the Federal Emergency Management Agency (FEMA), for those who manage to survive a catastrophe, 25% fail within a year of operation. However, with the right commercial insurance coverage, your business is more likely to withstand the damage wrought by unforeseen disasters.

Here is a step-by-step guide to getting personalized business insurance in Sarasota County.

1. Know the Coverage Options and Exclusions

The kinds of insurance policies you should get should hinge on the type of business you run as well as the perils you face. For instance, if your business entails you and your employees using vehicles to visit clients or deliver products, you should carry commercial auto insurance.  Therefore, you should evaluate your business operations to find the risks you’re exposed to and determine the coverage that suits you. Importantly, it would help if you got a reputable independent insurance agent to explain what the policies available to you cover. Additionally, explore ways to lower your insurance costs by enhancing your business’s safety and security.

2. Shop Around and Compare Quotes

Independent insurance agents have established relationships with multiple insurance companies. They can, therefore, help you explore the various options available to you. Based on your insurance needs and budget, your agent can help you find an insurer that’s ideal for your business type. Your agent can also give you insights and help you make the right choices when comparing multiple quotes.

3. Provide the Required Documentation

Once you’re aware of your insurance needs, you should put together the paperwork required for application and underwriting purposes. If yours is a new business, be ready to provide information like business name, address, payroll data, contracts, projected receipts, and other required information to assess your insurance needs and generate accurate quotes. Importantly, you should include all aspects of your enterprise that need coverage, including equipment, building, automobiles, and more. Take note that this process may seem complex, especially if you’re undertaking it for the first time, so you should consider seeking the help of an expert when organizing your paperwork.

4. Seek a New Quote

You may be able to get lower rates or get more extensive coverage by getting new quotes for your insured business. Your prospective insurers will have to assess your previous policy paperwork to find out your claims history before they give you a quote.

5. Objectively Assess Your Business Insurance Needs

As your business changes over time, your commercial insurance needs will also likely keep shifting. If you expand your operations, you may need to increase your coverage. Conversely, it may be prudent to reduce your coverage if you downsize. Continually reviewing your insurance helps you avoid under-insuring or over-insuring your business. Therefore, before you purchase commercial insurance coverage, you should undertake an objective assessment of your business’s insurance needs to figure out whether you need new coverages or whether you need to eliminate some of the existing coverages. Additionally, you should review your policies at least annually to ensure your coverage is up-to-date.

How to Get Personalized Insurance

By taking the above steps, you’ll get personalized business insurance that suits your precise needs. Our business insurance experts at Atlas Insurance will ensure that you get personalized coverage that adequately protects your business. Contact us today to get started.

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