The small business insurance process
Looking to purchase small business insurance? The process can seem overwhelming, but understanding the key steps and touchpoints—from getting a quote, to risk assessments, to filing a claim and renewal—can help make sure you’re getting the support you need from your broker and your insurer. Below we provide some helpful information on the key steps in the buying process.
Getting a quote for small business insurance is about more than just price. A small business insurance policy can offer a spectrum of coverages to protect different aspects of your business. Your broker should help you understand the unique risks your business faces and what coverages meet your specific needs. He or she should also compare different products to identify any potential gaps and determine which one is a best fit for you.
The first risk that probably comes to mind when thinking about your business is property risk. Of course you want to protect your business from incidents like fires or flood that could destroy your property, but there are other risks your business faces that you may not have considered. Your broker should help you understand other exposures like workplace safety, liability and cyber risk. The right insurer should also be able to provide assistance with risk management and loss prevention expertise.
Think of your insurance broker as your business partner—someone who needs to know how your business changes over time. As your business grows, your insurance needs will likely change as well, and a good broker will be proactive with making recommendations. For example, if your company is expanding and hiring new employees, you may face new human resources or contracts questions. You don’t want to find yourself asking those questions during a wrongful dismissal lawsuit after the fact. It’s important to stay in contact with your insurance broker and keep him or her informed about your business.
Making a claim is about making your business whole again after suffering an insured loss. While there’s peace of mind in knowing your business is insured, some losses can be especially traumatic—like when someone is injured or critical property is damaged. The claims process can also be complicated and timelines may vary, which can lead to stressful situations after a loss. Your broker and insurer should be in constant communication with you throughout the process to keep you informed about your claim. Make sure you reach out them to ask about resources they can provide and communicate your feedback.
When renewal time comes, you’ll certainly hear from your broker, but renewing your insurance policy shouldn’t feel like an automated process that doesn’t warrant a meeting and discussion. Your broker should be in contact you with throughout the year. If not, then renewal time is the right moment to have an in-depth discussion about your business. Review the last year of your business operations and look at parts of your business that may have changed. This is the time to discuss the need for new coverages and limits that will meet the needs of your business for the year ahead.
Looking for the right insurance broker for your small business? We are happy to help you find a broker in your city.