Find the Right Coverage with a Commercial Insurance Agency
July 12, 2021at4:00 AM
While purchasing an insurance policy might not be the most exciting aspect of running your Atlanta-based business, it's certainly an important one. Having the right plan protects you and your company from liability risks, compliance breaches, and costly expenses that hurt your bottom line.
However, a quick search online reveals numerous types of policies with varying degrees of coverage, which makes finding the right insurance overwhelming for many people. As one of the area's premier commercial insurance agencies, the team here at Stellar Insurance wants to make the process as stress-free as possible by offering these helpful tips.
How to ensure you get the right amount of coverage for your business.
Understand the basic categories of commercial insurance.
There are many different types of insurance plans that provide different types of coverage, so understanding the various categories is key to finding the policy that's right for your business. Business property insurance covers financial losses caused by damaged or destroyed property, while business liability insurance provides protection if someone is hurt on your property.
If your team uses a company vehicle, then business automobile insurance will provide coverage when it's being used, and business umbrella insurance extends coverage for circumstances not protected under the other types of policies.
Perform an assessment of your business.
Now that you understand the types of coverage offered by a commercial insurance agency, you'll need to look at your own business to figure out what combination of plans is right for you. Start with basic questions such as do you have a physical location that is accessible by the public, do you have employees and how many, and do you use a company vehicle?
You should also understand if you are obligated to meet any industry and region-specific requirements before contacting a commercial insurance agency. For example, businesses in Georgia need to have workers' compensation coverage and commercial auto policies, but if you own a retail store, you'll likely need product liability insurance, as well.
Analyze your risk potential.
To ensure you have the right amount of coverage for your business, you'll need to have an honest conversation about what kind of risk your company faces. If you don't properly predict your risk, you'll either purchase too little coverage and be left to pay for issues out of pocket, or you'll end up overpaying for policies you don't need.
For example, suppose your business is on the ground floor of a building rather than the top. In that case, you might need to consider comprehensive flood insurance or increased property insurance to protect from the increase in foot traffic. Similarly, if your business is in a dangerous industry like manufacturing, you should look into getting a more robust policy that covers the increased risk of employees getting hurt on the job.
Are you in the market for a new commercial insurance policy?
Then get the help you need to ensure you're finding the ideal policy for your company by contacting our team at Stellar Insurance. As one of Georgia's leading commercial insurance agencies, our team specializes in helping business owners obtain insurance after being turned down by the big insurance companies.
If you've struggled to get a policy, we'll serve as your advocate while also working with you to find the coverage options that keep your business protected while maximizing the value of your plan. You can browse our full suite of offerings to learn more about our plans, or use our convenient online quote tool to get started.