The success of any business depends
on hard work and ingenuity. However, no matter
how industrious you are, one disaster can wipe
out all your hard work, profits and even destroy
your business. One key to making sure your business
continues, even in the face of disaster, is to
purchase appropriate insurance.
The first step is to find the right
agent. Here are a few tips to consider:
Ask friends and acquaintances
in the same kind of business who they use.
Ask the agent or company that
provides your personal insurance if they can
help cover your business.
Contact business trade associations
or your local Chamber of Commerce (www.hagerstown.org)
to see if they sponsor any insurance programs
designed specifically for your business or if
they can provide a list of local insurance agents.
How can I save money on my business insurance?
Prices vary from company to company,
so it pays to contact more than one agent so
that you can compare prices and get a feel for
the types of services they provide.
It’s important to pick
a company that is financially stable. Check
the financial health of insurers with rating
companies such as A.M. Best (www.ambest.com).
Consider purchasing a package
policy. It may be less expensive than individual
coverages.
Work closely with your agent.
Keep your agent informed about major changes
in your business, including major purchases,
expansions, changes in hiring or the nature
of your operation. Also, get your agent’s
advice in terms of disaster planning. Ask what
you can do to both reduce risks like fire or
work-related accidents, as well as the procedures
that should be in place in case your business
does suffer a loss.
Ask about ways to prevent
losses. You may be able to reduce your premium
for certain coverages by following your insurance
company’s recommendations. This can include
workplace safety, disaster preparation, and
human resource intervention.
