7 Important Questions You Must Ask Your Business Insurance Agent

Running a small business involves professional and financial responsibilities. From day one, an entrepreneur starts his/her business risking tangible and intangible assets. Whether it is a business owned by one or a large manufacturing unit, getting proper business insurance coverage is a must. Tough to imagine but true, a single lawsuit or any catastrophic event could wipe out your business before it even gets a chance to get off the ground.

Fortunately, business owners have access to a wide range of insurance policies to protect their possessions from a variety of events. There are many insurance agents working with business insurance in Rochester, NY who provide viable business coverage for all types of companies and exposures. Business insurance quotes are available for general liability, property coverage, liability and property insurance and workers compensation insurance. There are many insurance agents in the area, but some may not be the most knowledgeable in your situation. InsuranceTrak Services provides advantageous solutions for your every insurance need. A business owner needs to trust the advice given to protect their investment. So, how would you pick the most reliable insurance agent from Rochester for your business? Ask these important questions before purchasing any business policy.

1. Which type of insurance policy best fits my needs? Business insurance agents offer a myriad of insurance policies to protect your assets. Different companies cover insurance risks for a wide variety of industries and specific business.

We can help you to determine your own specific needs; you can insure your:

  • Building
  • Equipment
  • Supplies
  • Furniture
  • Inventory
  • Vehicles
  • Workforce
  • Trademarks and other intangible properties.

2. What's covered and what is not covered? An insurance policy covers many risks. Having said that doesn't mean one size fits all. Chances are there that you may need different policy types to adequately protect your business. Be sure to ask your agent about the correct insurance policy that adequately fills your needs.

3. What legal structure is right for your business? Sole proprietorship, partnership, LLC, corporation, S-corporation? With the many business structure types the design types of insurance policy should be reviewed and understood. Each has their unique coverage plan and tax benefits. Ask about the type of policy that makes sense and reaps maximum revenue for you and for your business.

4. What property should I insure? - The average cost of a general liability insurance policy is $479 annually in Rochester, NY over the past 5 years (for businesses with one employee). The average cost of commercial property insurance is $515 annually over the past 5 years for business insurance in Rochester NY with one employee. And, the average cost of BOP (general and product liability insurance) is $679 annually. Each business entity has its own insurance type. So, ask your agent to compare different carriers, and suggest the most favorable insurance policy available for your business.

5. How can I ask for details on filing a claim? Your agent can give you pointers on making the claims process easier. Be aware that when the time comes to file a claim, you'll need to contact your insurance provider.

6. What are the limitations of a policy? Understanding the importance of coverage limit is important. It is important to understand the scope or liability, the nature of limitations, reason for limitations of liability and their benefits to the customer. Request a breakdown of the insurance premiums charged and what is included and excluded in your plan.

7. How can I lower my premium? This is an important question! Ask how to lower your premiums. Many insurance companies offer discounts if you have a security system, and discounts may be available to your employees for auto insurance. A variety of other discounts may be available depending on the size of the business. Ask your insurance agent if it’s possible to cut the cost by combining other insurance in your company or extending insurance to your employees.

Adequate insurance is a key to the success of your business. Searching for insurance can be overwhelming and a time consuming task. Invest in the time to make sure you understand exactly what is offered and covered by your policy. Spend time with Insurancetrak Services who will explain in detail all the specifics of your risks and available insurance coverage.