Adequate insurance coverage should be in every company's business plan. Here are some tips to ensure your business is protected properly and you're getting the most for your money.

Make the right choices to save on your insurance.

One way to save is choosing a higher deductible to protect against catastrophic losses over lower deductibles for routine claims that your business can afford. Don't lower your coverage limits, or you might be left without enough insurance.

Develop a solid relationship with your commercial insurance provider.

This can help control premium costs and help ensure your business doesn't lose coverage. Long-term policyholders may also receive a discount.

Insure the full value of your property or you could end up on the short end of the stick in a catastrophe.

Making sure you have the right type of insurance is just as important. Be careful not to buy coverage you don't need or that may already be included in a package. Evaluate policies on whether they adequately protect the business, not just price alone.

Take steps to reduce the number and cost of claims such as:

  • Keeping inventory levels low
  • Screening employees carefully
  • Taking good care of vehicles and property
  • Implementing a basic safety program and disaster recovery plan
  • Documenting claims as they occur

We also recommend being prepared and proactive. Begin evaluating your policy 90-120 days before it expires. Partner with an independent agent who can help ensure you receive the best coverage at the best price.