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Five Tips for Buying Business Insurance

June 26, 2012 By

The US Small Business Administration offers some tips for buying insurance. They are sage words so we will repeat them here.

Insurance coverage1. Assess Your Risks. Insurance companies determine the level of risk they’ll accept when issuing policies. This process is called underwriting. The insurance company reviews your application and determines whether it will provide all or a portion of the coverage being requested. Each underwritten policy carries a premium and a deductible. A premium is the price you pay for insurance. Premiums vary widely among insurance companies, and depend on a number of risk factors, including your business location, building type, local fire protection services, and the amount of insurance you purchase. A deductible is the amount of money you agree to pay when making a claim. Generally, the higher deductible you agree to pay, the lower your premium will be. However, when you agree to take on a high deductible you are taking on some financial risk. So, it’s important to assess your own risks before you go shopping.

2. Shop Around. The National Federation of Independent Businesses provides information for choosing insurance to help you assess your risks and to make sure you’ve insured every aspect of your business. The extent and costs of coverage vary from company to company. Some brokers specialize in insuring specific types of business, while others can connect you with policies specific to your business activities. For example, if you operate a tow truck service, you’ll want to find an agent that can help find policies that specifically cover automotive service businesses. Often specialist brokers can get you the best coverage and the best rates.

3. Consider a Business Owner’s Policy. Insurance can be purchased separately or in a package called a business owners’ policy (BOP). Purchasing separate policies from different insurers can result in higher total premiums. A BOP combines typical coverage options into a standard package, and is offered at a premium that is less than if each type of coverage was purchased separately. Typically, BOPs consist of covering property, general liability, vehicles, business interruption and other types of coverage common to most types of businesses. BOPs simplify the insurance buying process and can save you money. However, make sure you understand the extent of coverage in any BOP you are considering. Not every type of insurance is included in a BOP. If your business has unique risks, you may require additional coverage.

4. Find a Reputable, Licensed Agent. Commercial insurance brokers can help you find policies that match your business needs. Brokers receive commissions from insurance companies when they sell policies, so it’s important you find a broker that is reputable and is interested in your needs as much as his own. Make sure your broker understands all the risks associated with your business.

Finding a good insurance agent is as important as finding a good lawyer or accountant. You should always look for one that has a license. State governments regulate the insurance industry and license insurance brokers. Many states provide a directory of licensed agents.

5. Assess Your Insurance Coverage on an Annual Basis. As your business grows, so do your liabilities. You don’t want to be caught underinsured should disaster strike. If you have purchased or replaced equipment or expanded operations, you should contact your insurance broker to discuss changes in your business and how they affect your coverage.

Statewide Insurance is your reputable agent. We are here to help you assess what coverage you need to give you the best protection. We operate in many fields and are licensed to provide coverage in Texas, California, Oregon, Minnesota, Virginia and Nevada. We are here for you and your business.

Call Statewide Insurance Brokers at (888) 258-0272 today for fast, free quotes on your insurance needs.

Nevada Contractors Insurance

June 1, 2011 By

Making The Most Of Business

Nevada Contractors InsuranceFor pragmatic Nevada contractors insurance helps avoid furious clients. From Area 51 to Silver City, most contractors look to make sure their clients are pleased. They take the time to do the job correctly. They need the customer to commend their services to the next individual.

However, errors and omissions do happen. And these can cost the customer and contractor revenue. It is good commercial enterprise practice to be sure insurance is in place before things occur. Even in the Silver State, contractors find themselves on the receiving end of court summons daily. This country loves to sue. It is a fact that is unavoidable. When money is a question, the most decent people can turn brutal. Protect yourself and your business with the right coverage.

For savvy Nevada contractors insurance is a commercial enterprise investment. Increasingly clients will not employ contractors that lack proper licensing. It is a safety criterion for everybody. Smart contractors acknowledge that they can get better customers by investing in comprehensive indemnity. It gives their new clients peace and them financial shelter. The living of any contractor holds a quantity of danger. Danger of lawsuits, that is. The price of a policy is generally not usurious unless the contractor works in life-threatening circumstances on a regular basis. Merely one major lawsuit would easily cancel the cost of the policies.

For enlightened Nevada contractors insurance comes in a lot of forms. All vehicles owned and/or controlled by the contractor or his employees while carrying on business need coverage. Liability insurance addresses any condition where liability might become an event. Personal indemnity insurance covers an individual against the costs of cases filed against them. Other types of indemnity cover certain professions’ hazards. Insurance for indemnity from natural calamities make good investments in certain parts of the nation. In the Silver State, a good insurance broker will give you a comprehensive quote for every type of indemnity you need for proper insurance coverage.

For discriminating Nevada contractors insurance isn’t a luxury. It is a necessity. It assists them rest at night knowing they’re covered. Their commercial enterprise and livelihood are secure from frivolous lawsuits and damages caused by elementary errors. They recognize that their family will not lose everything due to any cases. Many companies prosper until hit with a financial reversal like a lawsuit judgment or a natural tragedy. Insurance treats both of these situations plus a lot more. A good contractor would never reckon purchasing indemnity optional.

Commercial Liability, Contractor Insurance Quotes: A Valuable Tool for a Contractor’s Needs Serving California, Texas and Nevada

February 26, 2011 By

Whether you are shopping for general liability insurance, workers compensation, performance bonds or commercial automotive or truck insurance, working with a broker will almost always get you the best quote!

Contractor insurance quotes are valuable tools for both the beginning contractor and those that have been in business for years. For the beginning contractor, quotes give them options for finding the right policy at the right price. They also get insight into the agents and insurance companies that service their area.

For many beginners, it is a good idea to consult other people in the trade they want to enter. This will give them the names of agents and companies that provide coverage for that type of business. It can also give them names of those to avoid due to poor claims service or outrageous pricing. All of that gives new contractors a good start.

Contractor Insurance: ammunition!

For experienced contractors, contractor insurance quotes give them ammunition when dealing with their current insurance. Many times their agent will assume they want to renew with their current insurance company and will not do any legwork to find the best price at other companies. It is up to the contractor to make the first move to get quotes.

A few weeks before the renewal date, a contractor needs to contact their agent and ask them to explore other providers and other discounts. This gives the agent time to do the legwork. It also gives the client time to see the options and make informed decisions. It is also a tool that the agent might use with the current insurance company to reduce the quoted renewal rate.

What Contractor Insurance can cover:

Contractor insurance quotes can cover any of the many types of insurance that independent businesses need. These include, but are not limited to, liability, workers comp, property coverage, commercial vehicle policies, and umbrella policies.

These policies cover the business from just about any disaster that might happen. An investment will pay off with a single claim. And things will happen. That is an unavoidable fact. It takes a simple mistake or slip and things go from good to nasty in an instant. Without insurance coverage, a business could go under quite quickly.

Finding contractor insurance quotes are quite easy with the internet. Like most other insurance types, business has accelerated since brokers went online. They can get information quickly and make informed decisions without leaving their desk.

That gives the contractor flexibility and options that were not available before. Getting a good relationship with an agent is important. However, the agent doesn’t need to be next door these days.