When it comes to running a small business, having the right type of insurance is everything.
A good insurance policy can be the difference between your company’s survival and demise. This is why making sure that everything you have worked for is fully covered should something go wrong is absolutely essential for creating peace of mind and protecting your bottom line.
That said, finding the right type of coverage can be intimidating. Time and time again, I have seen contractors and other small business owners believe they have an adequate policy in place, only to discover too late that something slipped through the cracks.
So how do you find the policy that covers you from all angles without paying for anything you don’t need?
Here are three essential steps to finding the right insurance for your small business.
Feeling lost and don’t know where to start? It’s time for a pen and some paper to write down a game plan. Start by listing any major assets, as well as purchases or acquisitions that you have made over the last year or so.
If you miss a few things, that’s okay. The point here is to understand what you have so you have a rough idea of your priorities.
When it comes to finding the right broker, reputation matters. Look for somebody who has a consistent track record of delivering and has already generated good reviews from other clients.
That said, it is also absolutely crucial to have a broker who knows and understands your type of business. You can have the best broker in the game, but if they don’t know the ins and outs of the construction industry, they are still likely to miss something.
This is why contractors should focus on finding a broker who both is committed to understanding the unique needs of their business, as well as the larger industry in general.
So you’ve found a great broker and have a comprehensive coverage in place. That’s great, but there is one more important thing to always keep in mind. It is essential that small business owners check their policy regularly to make sure everything is up to date and nothing is being skimmed over.
The best way to simplify the process is to choose a broker who can provide the tools you need to make keeping your coverage up to date easy.
At the Business Protection Team, we take a different approach to small business insurance. Not only do we provide tailored insurance plans for your business, but we are also committed to making it easy for owners and managers to monitor and update their policy using simple, intuitive online tools.
We are fully committed to understanding the particular needs of our clients. We understand the construction industry inside and out, so you will always get the coverage you need and nothing else. If you are a construction professional who wants to learn more about how to get the best coverage for your money, check us out today and see how we can help you grow.