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4 Things to Consider Before Purchasing Business Insurance

3 men smiling after purchasing business insurance

Purchasing business insurance is a big deal. Between premiums, deductibles, and the overall depth of the world of business insurance, trying to decide on the best policies and coverage can be a bit overwhelming. 

There are 4 things to consider before purchasing business insurance:

1. Know the risks within your industry

Every industry is unique, and the set of risks associated with doing business in your sector are too. Whether it be geographical, historical, or regulatory, understanding your unique risks is vital to equipping your business with the right protection. 

2. Determine your priorities 

As a business owner, your biggest pain point is likely the cost of the coverage. It’s important to realize the purpose of your coverage.  Insurance plays a crucial part in saving your business from serious financial harm should a covered loss arise. Remember, having the wrong coverage is usually worse than having no coverage at all. 

3. Consider your growth plans

When purchasing your business insurance, take into consideration your growth plans. Think about what’s flowing in and out of your business (employees, new sources, added products, etc.) and how it will change over the course of the next year. If you project significant growth within the next 6 months, it might be wise to insure based on those numbers. The last thing you want is to have to file a claim and find you’re not properly insured. 

4. Choose a broker you trust

Your business deserves to be treated with care, and that means putting its financial integrity into the right hands. Before purchasing business insurance, make sure that you’re working with a broker that you trust. Everything that your business puts on a pedestal – your values, priorities, and culture – should be reflected through your broker. If you choose a broker who acts as an extension of your business, rather than a mere business interaction, you’re sure to get the coverage your business needs.

At Snellings Walters, we’re more than just your broker; we’re your insurance advocates. We work with you to uncover any blind spots or gaps in your current policies so that your true potential is unleashed. We’d love to help your business get the policies it needs. Reach out to us here to get started.