Monday, 05 February 2024 15:10

Key Questions for Your Business Insurance Broker

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Insurance is a critical investment for any business, allowing you to mitigate risk and maintain financial stability. Not all insurance coverage is created equal, though, which means it’s important to do some due diligence. A good place to start is having a candid conversation with your broker.

What to Ask Your Business Insurance Broker

There are a number of key questions that can help you size up your options and make an advantageous decision. Here are a few good places to start.

1) What kind of insurance do I need?

A number of factors can determine the types of coverage you require, including your business location, your industry, and more. Your broker should be able to counsel you on the types of coverage that are legally mandatory, those that are recommended, and those that might not be as necessary.

Some examples of different types of coverage include:

  • General liability, which covers customer injuries or property damage that happens at your place of business.
  • Errors and omissions coverage, which covers you against claims that a customer suffered ill effects due to bad or negligent advice that you provided.
  • Workers comp insurance, which covers any employees who experience an accident or injury while on the job.

2) How do I submit a claim?

If you experience some type of incident at your business, you’ll want to know how to file a claim right away. Often, time is of the essence when it comes to having your claim processed and the issue resolved. However, the person who sells you your insurance policy is usually not the person you’ll file the claim with. Make sure you ask about the point of contact for filing a claim, along with any apps or online dashboards that might expedite the process.

3) How much will my insurance cover?

To determine how effective different policies are, you’ll want to consider their payment limits. Generally, business insurance policies fall into one of two categories:

  • They have aggregate limits, which denote the maximum amount your policy will pay in a year for all your claims combined; or,
  • They have per-occurrence limits, which denote the maximum amount you can receive for any single claim.

4) What are the factors affecting my insurance costs?

When thinking about the pricing for your business insurance, it may help to consider some of the factors that determine overall cost. Some of the most common factors include:

  • Type of business or industry.
  • The number of employees you have.
  • Previous claims you’ve filed.

5) How can I save money?

Finally, ask your broker if there are any ways you can keep your costs down. For example, you may be able to secure discounted rates by bundling different types of coverage.

Explore Your Business Insurance Needs

Questions about your small business insurance needs? We’re happy to address them. To speak with someone from FullHR’s insurance team, reach out to us at your next convenience.

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