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Home > Blog > 5 Tips for Buying Business Insurance
FRIDAY, OCTOBER 8, 2021

5 Tips for Buying Business Insurance

When you want to buy a new laptop, office chair or even a car, you always shop around to find out what's available and compare quality and cost. Often though, that's not the case with business insurance. Business owners are busy and don't want to wade through pages of policy documents to learn the details; too many times they just chose the policy that's least expensive. Unfortunately that may cost them in the long run if they find they don't have enough coverage when something bad happens. Use these tips to help you find the best business insurance policy for your needs. 
group of business people smiling at camera
Join a professional association in your industry. Trade associations and business groups usually provide insurance options at group rates for members. You might be able to find a policy through one, or even automatically get a small policy as a part of your membership benefits. 

Find out about your industry's settlements. To better understand what coverage you need, dig into records of legal actions and settlements in your line of work. Ask around in your network and find out what type and amount of insurance your colleagues have so that you can determine whether or not you're in line with the rest of the industry.  

Compare the coverage of various policies. Just because one policy is more expensive doesn't mean it has more benefits. Once you know what coverage you need, compare policies that suit your needs so you're not getting too much coverage that you don't need. 
 
When in doubt, opt for a package deal. A business owner package (usually referred to as BOP) will offer you the most common business insurance policies. You may need to tweak it to include extra coverage that's specific to your industry, but it usually offers greater savings than buying several policies on their own. 
 
Use a broker who knows your industry. Working with an insurance agent that is familiar with your line of work will give you peace of mind, along with saving you time and money. They can easily explain what coverage could be beneficial and find a good policy at an affordable price.  

Business insurance is vital to the long-term success of your company. It takes on the risk so that you can reinvest your money into growing your business.  

We’ll help you find the right policy. Call Skogman Insurance at 319-366-6288 for more information on Hiawatha business insurance. 

Posted 10:12 AM

Tags: business insurance
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