How to Get Property and Casualty Insurance for Your Business

If you own a business, you want to make every effort to see that’s it successful. One way to do that is to carry adequate insurance so you’ll be financially protected against potential problems. Knowing that you have enough of the right type of insurance can help you concentrate on running the business–you won’t have to waste your energy thinking about what might happen. Following are a few tips on how to get property and casualty insurance for your business.

What Are Property and Casualty Insurance?

Property insurance protects you against losses or damage to the physical location of your business. Casualty insurance protects you from loss or damage to the business itself. These two types of coverage will ensure that your business will remain financially secure if someone gets hurt while on your property, or a storm damages your buildings, your manufacturing equipment, or your inventory.

Determine Your Needs

In order to be sure you’re adequately insured, you must first determine the type and amount of coverage you’ll need. Sit down and make a list of your business assets, and evaluate their worth. Your list should include your building, the property itself, and any machinery you have that is used in operating the business. You should also include your inventory and any vehicles that are used for business purposes. It may be a good idea to have your assets professionally appraised in order to determine their exact value. Make sure your appraisal is for replacement value and not actual value. In that way, you will have the financial resources to buy new equipment or repair the building or property if something happens, without having to dip into your own pocket.

Find a Good Insurance Carrier

The next step in getting good property and casualty insurance is to find the right provider. Not all insurance companies are created equal. Some offer very good rates, but their service may not be up to par, while others proved excellent service, but may be quite expensive. You’re looking to strike a happy medium–a company that is reliable and won’t cost too much. A good way to find a reliable insurance company is to talk to people who are in the same business as you are. Ask them who their insurance carrier is, and whether or not they’re satisfied, not only with the rates, but with the service as well.

Go Shopping

After you have the names of a couple of insurance companies that have received excellent recommendations from the people you talked to, you should go shopping. Call each company and tell them the kind of company you own and the type of coverage you’re looking for. Ask them for a quote, but don’t be in a hurry to sign a policy. Instead, you should use these quotes for comparison. Go online and search for insurance companies that do business over the Internet. You can frequently get very good rates from them. Fill out the online forms of a few of these companies and compare with the quotes you’ve already collected.

Research Your Findings

After you’ve collected a number of quotes, you should sit down and compare what you’ll be getting from each company. One company may offer very good rates on your property, but seem overpriced on the casualty end. Another company could be just the opposite. You’ll have to spend some time going over the quotes in order to determine which company is offering you the best deal.

Narrow Your Choices

Go over all the quotes you’ve received and compare the amount of coverage you’ll receive from each insurer, along with how much they charge. Narrow your choices to a couple of carriers, and then give them a follow up call. Ask each company on your short list about the possibility of receiving a price break from them. Many insurance companies offer various discounts. Find out what discounts are available from each company and what the qualifications are for receiving them. If you’re not eligible for a certain discount, it may be worth trying to qualify in order to take advantage of them. For instance, if members of a certain group or organization are eligible to receive a significant discount it may be worth your while to join the group. If you already have personal insurance on your home, health, life or vehicle, don’t forget to contact them as well. Most insurance companies will try and meet or beat other quotes in order to keep your business. Keep in mind that they may also be able to offer you a discount as a longtime customer.

Guest post from Bailey Harris. Bailey writes for BusinessInsurance.org.

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4 thoughts on “How to Get Property and Casualty Insurance for Your Business

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