Many small business owners don’t feel the need to insure their company as they feel it’s too insignificant to be at threat. If you have employees, insurance is actually a legal requirement. As a minimum, you need employer liability insurance, and if you own a commercial property or vehicle you should have these insured as well. Your insurance provider will be able to tailor your insurance policy to the type of business you run so it’s a good idea to make a note of any possible risks. This way you can ensure you’re covered without overpaying. Here are five tips for insuring your small business.
The Insurance industry is wide and there are several options, so shop around for the best deal. You can try using price comparison sites and reading customer reviews. Price comparison sites will be able to give a list of quotes from different insurance providers so you can choose the best option for you. You can also compare different types of coverage and decide which are necessary for your business. You should research insurance companies and speak to them about your needs too before making a final decision. Insurance agents in Bend, Oregon will help you tailor your package to the exact needs of your business. One thing you should always remember is that if you think you’re paying too much for your business insurance, then there’s probably a better deal out there!
Outline the risks
The best way to figure out what type of coverage you need is by outlining the dangers to your business. Make a note of any possible risks and take this to your insurance provider. You might be able to save money on your premium if you don’t need to be covered for high-risk activities. On the other hand, you don’t want to be under-covered so make sure you have the insurance policy that’s sufficient to protect your business.
Protect your staff
In order to protect your staff, you need employer liability insurance as a legal requirement. This will save you from any potential lawsuits if an employee injures themself at work, for example. It’s also a good way to retain employees. Your staff might not feel comfortable working for you if you’re not insured.
Secure your premises
If you run a business out of a commercial property, it’s also advisable to get buildings insurance. This will secure your premises whether it’s a shop, studio, or office. Buildings insurance protects your business against fire, theft, and vandalism. You can save money on your buildings insurance by taking extra measures to secure your building such as installing CCTV cameras a high-tech security system. You’ll be able to get a cheaper premium because with more secure premises you’ll be less likely to make a claim.
Grow your business
Unfortunately, businesses that are just starting out tend to have premium rates because insurance companies view them as more of a risk. Focus on growing your business and the more you develop as a company, the cheaper your insurance will be. Your premiums will start to go down each year and you will eventually get a better deal. So all you’ve got to do is make sure you get your business up and running, safely and securely.