Research The Insurance Companies That Have Provided Rates
Look at the names of the insurers who have provided you with quotes. You may be very familiar with some, and others might be new to you. Take a few minutes to do a Google search on each, being watchful of the websites from which you get your data. Look for objective customer testimonials and feedback from neutral, trusted websites.
Don’t Base Your Decision Solely On Low Premiums
Running a business can be a nickel-and-dime proposition. For that reason, you might be tempted to jump at the policy with the least expensive premium. Before you do, ask yourself why the cost is lower. Does the coverage address everything you need both today and in the future? Can you comply with client contracts with the low limits of the policy? Pay for what you need even if that means shelling out a few more dollars.
Consider What Is Included And Excluded
Carefully review each policy to see what events are covered and what are not. One of the worst assumptions you can make is that all quotes are the same. In fact, some are far more comprehensive than others. Have an insurance glossary at hand if you get bogged down in the terminology, and clearly write down the covered benefits and exclusions for each company.
Check Limits And Deductibles
You need to know exactly how much the insurer will pay if you file a claim. With this knowledge, you can decide what insurer can adequately shield you in the event of a devastating lawsuit, loss or damage.
The deductible is the amount you pay out of your own pocket before your coverage takes effect. The higher your deductible, the lower your premiums will be. Just don’t make your deductible so expensive that it will drastically affect your finances if an event occurs.