Important Factors to Consider When Insuring Your Business

Owning and operating a business is exciting, but it’s not without its share of pitfalls. To protect your company and its reputation, the right type of insurance is essential. There are many policy options, and it can be tough for a new owner to choose the coverage they need. Here, we will list a few factors to consider when insuring a business.

Policy Price

Today’s business budgets are tighter than ever before but selecting the cheapest insurance policy will likely bring long-term costs. Buying insurance based solely on price may leave you without the coverage needed when filing a claim. The insurance services team at Academy West Insurance will help you compare coverage options, evaluate local requirements, and tailor a policy to your company’s needs.

The Fine Print

All insurance policies, including those sold to business owners, contain crucial information on deductibles, reimbursements, and coverage limits. Business insurance policies may be dozens of pages long, and it’s important to read them all thoroughly. Skipping the fine print can be a costly mistake, and that’s why our agents will encourage you to read these documents carefully before signing.

The Potential for Income Losses

Most people think of disasters as scenarios in which our possessions are lost, damaged, or destroyed. However, when a business suffers such losses, the owner will likely lose income during downtime. If a company closes its doors for any length of time, income losses may be significant, but an insurance policy may provide the coverage needed to get back up and running.

Ask one of our agents about adding income coverage to your business insurance plan. This type of coverage reimburses losses related to covered damages along with some other expenses.

Changing Companies

Reliability is a good quality for an insurance agency to possess, but too many business owners stay with the same company for the sake of convenience. If your current provider is raising rates or no longer meets your needs, it’s time for a change. Determine the need to switch by asking questions such as:

• Am I paying more for less service?
• Are the insurance company’s offerings outdated?
• Does the agency seem interested in or knowledgeable about my industry?

If you’ve answered yes to any of these questions, consider finding a company that’s better equipped to fulfill your requirements. At Academy, we don’t offer cookie-cutter policies, we customize them to suit business owners’ unique needs. Call or click today to consult a local insurance agent.

The Needs of Vendors, Employees, and Customers

Every company is different, and choosing a one-size-fits-all policy may leave an owner without the coverage they need and their clients expect. Business policies aren’t just about monetary limits, they also outline what’s covered and what isn’t. Without the right amount of coverage or, worse yet, none, your clients, customers, vendors, and workers may be left unprotected.

Before signing up for a business insurance policy, talk to one of our agents about the products and services your company sells as well as the relationships it has with vendors and clients. We’ll recommend the right type of insurance policy for your industry, needs, and budget.

The Company’s Growth Potential

Insurance policies serve a vital purpose: they protect businesses. Therefore, it’s essential to revisit them from time to time to ensure the company’s coverage needs are still being met. A growing business is likely more valuable than it was a few years ago, and its insurance policy should reflect those changes.

For instance, hiring employees, buying vehicles, and moving into a bigger building may increase your need for coverage. By keeping us updated on changes within your business, and by being prepared to make changes when needed, you’ll never go without the coverage the company needs.

Workers’ Compensation

All Fresno companies, regardless of size, must carry workers’ compensation coverage for employees. Workers are one of the most important resources a company has, and their health and safety are crucial to the organization’s success. Coverage for leased workers and contractors is also available. Without the right level of workers’ compensation coverage, a business owner may face steep fines and even criminal charges if a worker is hurt on the job.

We’re here to discuss your coverage needs, and we can recommend workers’ compensation policies that completely protect you, your workers, and the company’s resources. Buying the best available policy will shield you from financial loss and avoid the severe penalties that come with non-compliance.

Contact Us

Whether you’re just starting out or running a multinational company, having the right kind of insurance is essential. Let our agents recommend the best policies for your company’s unique needs. Request a quote online or call to get started.