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Don’t Buy Business Insurance Until You’ve Read These 5 Tips!

If you own and operate a business, then it’s one of the most important things in your life. Therefore, it needs to be insured as such. However, before you simply purchase a small business insurance policy, don’t forget these 5 very important things:

  1. Assess Your Business Risks – This is something the insurance company is going to do, so it’s always helpful to perform your own research and do your own homework before searching for quotes.
  2. Shop Around – Don’t go for the first quote you get that seems to be a decent price. Take your time, make sure that your insurance policy covers everything it needs to and all risks have been carefully assessed and documented before paying the premium. In some cases, you may want to find an insurance agent that specializes in your specific type of business in order to get cheaper premiums.
  3. Business Owner’s Policy (BOP) – You can purchase small business coverage in a package or separately. The package is known as BOP and usually consists of everything from auto insurance and general liability to business interruption coverage. However, not all types are covered in a BOP, so it’s important to speak to your agent about the unique risks to your business.
  4. Find a Trustworthy, Licensed Insurance Agent – An insurance broker can help you get the best deal by uncovering hidden gems that you couldn’t find on your own. However, make sure to choose a broker that is more worried about you and your needs rather than the commission that they’ll make by selling you the insurance policy.
  5. Annual Reviews – Because changes are always happening, you’ll want to ensure that you review your policy and risks on an annual basis.  

For business owners in Los Angeles, California, feel free to contact us at Save-On Insurance Services with any questions you may have regarding insurance policies or to get a quote for life insurance, home insurance or commercial business insurance.