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Things to keep in mind when comparing business insurance providers

From client complaints and employee injuries to customer injury or theft, businesses can come across many incidents, and while you may do your best to prevent them, you can’t avoid them altogether. Unfortunately, research shows that 40% of small businesses don’t have an insurance policy and around 75% are underinsured.

When budget is a concern, and you already have a million things to do on your list, you may be tempted to postpone getting insured, but this will only lead to more problems down the line.

Every year, more than a third of small businesses experience an unpleasant event that led to an insurance claim, so finding the right coverage is essential. The process can seem a bit confusing, especially now that there are more business insurance providers than ever before, and you can choose between many types of policies.

These tips will help you make the right call when comparing providers so that you can protect your business from financial loss in the future.

It’s not just about insurance rates

Everyone wants to save money on insurance, and that’s completely understandable when you have many other business expenses. However, focusing only on insurance rates when comparing business insurance might not be such a great idea because the rates don’t paint the full picture. If a provider’s rates are suspiciously low, then there might be a catch. For example, the limits of the policy are too low, or it doesn’t protect you from certain accidents.

To see the full picture, use comparison tools like Insuranks, which help you find the best small business insurance quotes while also providing an overview of the provider’s reliability.

What are the terms of the coverage?

The best small business insurance policy is one that adapts to your needs and protects you from the events that can lead to losses – and those differ from industry to industry. For example, commercial car insurance protects you in case you have an accident while driving the company car, while commercial property insurance covers your losses if the building is vandalized or is damaged by fires or floods. Before buying insurance, have a close look at what events the policy covers. If you don’t have the protection you need, look for a different provider.

What are the policy limits?

The policy limit is the maximum amount the insurance provider will pay you when an event causes you losses. Naturally, you want this limit to be as high as possible. Again, don’t be fooled by the insurance rates. If the rates are low, but the policy barely covers anything, then you’re not making a good deal.

How reliable is the insurance provider?

Last but definitely not least, always read reviews before choosing an insurance provider. If the terms of the policy sound perfect, but if clients say that the provider doesn’t answer their calls or delays payments, you’re better off choosing someone else. For best results, only work with the insurance providers that have high customer satisfaction and an excellent track record on the market.