When to Buy Business Insurance
No matter what stateyour business is in, it’s essential that youget the rightbusiness insurance. In fact, there may be some business coverages that are required by law, like workers’ comp.
If you’re wondering how to get insurance for your business, we can help. Start by researching the coverages you need, just like you would for your personal insurance. This is especially important for new businesses. You’ll want to ask yourself, “What insurance do I need to start a business?” From there, you can choose your policies. We recommend working with a licensed insurance agent who can help you cover your entire business against all the risks it may face.
At The Hartford, we’re here to make sure you get the right kind of coverage. If you have questions, call us at 855-829-1683.
When to Buy Business Insurance
Some of the best times toget small business insurance can be when you:
Renew your policy: This gives you a good idea of your future rates. It’s also a good time to compare your rates to other companies to find the best one.
Hire or lay off employees: As your workforce changes, your coverage needs can also change.
Relocate your business: Leasing or buying a new property can change your coverage needs.
Buy new equipment: You’ll need insurance for any new pieces you get. Plus, if you get rid of old equipment, you may be able to cut back your coverage.
Start offering new products: New inventory can change your business’ assets and your coverage needs.
Increase or decrease your income significantly: The amount of coverage you need changes with the amount of money your business brings in.
What Is the Best Time of Year for Business Insurance?
Business insurance can protect your business year-round. However, there are certain things small business owners should consider when buying business insurance.
- Decide the month that you’ll want to try and have your policy renewal process begin each year.
- Look at your fiscal year to buy insurance during the time that best fits your business calendar.
- Take into account your cash flow and premium payment options based on the money you currently have available.
- Review your aggregate limit or the amount your policy covers after each renewal period.
When Do I Need to Get Business Insurance?
It’s a good idea to get business insurance when you’re starting your small business. With business insurance, you can help protect your business from different risks as soon as you open your doors.
Some types of business insurance are required, like workers’ compensation insurance. Regardless of your state laws, you’ll want to make sure your business is protected.
You can find the right protection by reviewing the different types of business insurance coverages available. One good option is a Business Owner’s Policy(BOP), because it combines three coverages into one:
General liability insurancehelps protectyour business from claims of:
- Property damage
- Bodily injury
Workers' compensation insurancehelps provide benefitsto your employees if they have work-related injuries or illnesses. This includes paying for their:
- Medical care
- Lost wages
- Funeral expenses
Business income insurance, or business interruption insurance, helps replacelost income if your business suffers damage from fire, theft or wind and has to close for a time.
Data breach insuranceto help coveryour costs if sensitive information is lost or stolen from your business. This includes:
- Identity protection solutions
- Public relations
- Legal fees
- Liability
Commercial auto insurancefor help covering you and your employees if you’re in an auto accident with company vehicles.
Professional liability insuranceto help pay legal expenses if your business makes a mistake in your services.
Commercial property insurance, also known as business property insurance, which can help protect your owned, leased or rented business property.
While you can get these policies from a licensed insurance agency or different insurance companies, with The Hartford, we’ll work with you to get the right coverage for your business.
How to Obtain Business Insurance
You should always work with a licensed agent or insurance company to ensure you have the right coverage – and enough of it.
How Do I Get Business Insurance From The Hartford?
Buying business insurance doesn’t have to feel overwhelming. Our agents can walk you through each coverage so you can find the ones that fit your business perfectly. To start, get a quote todayor call 855-829-1683.
How to Get Insurance for Your Business, Step by Step
Assessing Your Risks
It’s important to look at the risks your employees face while working. Do you work with hazardous materials? If so, you’ll want to make sure you have the right training and procedures in place.
If you own a construction business, your employees are likely exposed to dangerous conditions, which increases their chance of a work-related injury or illness. So, you’ll want to have workers’ compensation insurance to keep them protected.
You’ll also want to look at threats from natural disasters. For instance, in places like Florida, it’s important to have the right coverage to help if heavy winds or flooding cause property damage.
Next, look at the technology you use. If there’s a power outage, will your business suffer a financial loss? If you think it will, you’ll want business income insurance.
Finding the Right Agent
It’s normal to have a lot of questions as you choose business insurance. Our representatives can be there with you each step of the way with the information you need.
In order to give you an accurate quote, you’ll need to provide information like:
- How many employees and contractors you have
- How much your business makes in revenue
- The type of services you provide
- The state you’re in
- Your claims history
Comparing Prices
In order to find the best price for the coverages you need, be sure tocompare insurance rates between companies. Getting multiple quotes may take work, but it’s worth it.
Reviewing Your Policy Annually
Every business changes throughout the year. This means your coverage needs can also change. For example, if you buy more expensive equipment to run your business, it may be a good idea to increase your commercial property insurance. Or, if you offer new services to your customers, you may need to expand your professional liability insurance.
To stay up to date, you’ll want to review your policies each year. It might even help you save money.
If you're looking for business insurance,get a quote todayonline, speak with one of our specialists at 855-829-1683, or find a local agent.
More Answers to Frequently Asked Business Insurance Questions
What Does Business Insurance Cover?
How to Calculate Business Income for Insurance
Why Do I Need Business Insurance?
