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| Q: |
When To Get Insurance |
| A: |
It is generally a good idea to obtain insurance before your business is open to the public. Disasters or mishaps may bankrupt your company if you are uninsured while operating. |
| Q: |
Which Activities To Insure |
| A: |
Every business will vary in the required activities to insure. These requirements are typically driven by outside factors such as lenders, contractors, vendors, or customers. |
| Q: |
Who To Talk To |
| A: |
When you are looking for insurance coverage a broker, an agent, or an independent agent can help you choose the right plan. An insurance agent sells insurance for a particular firm; they may not offer the most competitive plans. An independent agent is independent of the insurance firm and can offer policies from any company he/she is contracted with. At $300 per hour a broker can provide competitive insurance rates because he/she offers multiple solutions resulting in a more competitively priced plan.
Get quotes from several companies before you pick one; prices may vary dramatically. Also, get referrals from firms/industries similar to yours. Choosing from referrals is less risky than picking a company from the Yellow Pages. There are also rating services available to aid in choosing the best provider for your business. Rating services available on the internet are: A.M. Best, Moody’s Investor Services, Standard & Poor’s Insurance Rating Services, and Weiss Research. Additional information can be found by contacting your state insurance department, the National Insurance Provider Registry, or the Better Business Bureau.
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| Q: |
What You Need Before You Start Looking |
| A: |
(1) Have a good idea of what hazards may occur in the daily operation of business; (2) Know what property you need to protect like buildings, office equipment, and company vehicles; (3) Know probable perils such as fires, tornados, earthquakes, arson, etc; (4) Know which liabilities need to be covered like bodily injury or property damage caused by an employee. A broker or agent will help reveal the potential dangers and tell you the coverage's you will need.
When possible provide business plans, operator résumés, supplier and vendor contracts, bank requirements, investors, landlords and customers, a list of current assets, and financial statements, to your provider.
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