Questions to Ask Your Business Insurance Provider Before Purchasing

You already know how importance coverage is for your business. Problem is, there are so many providers out there and so many policies to choose from. How would you know which insurance agent or broker to use, and which coverage type to purchase? Ask your agent some of our suggested questions, and use the answers to come to a decision.

How much experience do you have?

Experience can give you some idea about the insurance provider under consideration. If their years in the industry are limited, they will be eager to get you started and offer more help and support. If they are well established and a number of years in the field.

Do you have any references or testimonials?

If the insurance provider can show you some references or testimonials, it implies that their clients are happy and satisfied.

Keep in mind that most brokers would only give you contact details for happy clients only. So do check the internet as well for online reviews.

Who will manage your business?

Insurance providers have a support team behind them. While you should know your agent well, it is equally important that you know who else they work with. If there is an emergency and you can’t reach out to your agent, you’ll have to get help from their team.

Also find out if your policy will be handled local or though the headquarters, and the procedure to get the help you need.

How long will it take for your problems to be resolved?

If your need is urgent, then how quickly should you expect a response? The answer to this question helps you figure out if that is reasonable to you. If you are buying a policy for the first time, you need more questions answered in a timely manner to help speed decisions.

Do you offer customized policies?

Small businesses often need policies tailored to their personal requirements, but some of the providers won’t be willing to flex their plans. If you need a customized policy, you should find a broker who can modify their standard plans according to your needs with the coverage you want, without having to stack policies which adds to costs.

Do you assess risks?

Even if the agent doesn’t get into details, they should still give you some quick suggestions to mitigate risks. And if they are diligent, they may even assess your financial situation and give you advice.

Does My Business Need Equipment Breakdown Insurance?

Calling all business owners! If you are in the twenty-first century, you depend on energy related equipment serving you well.

What happens when things don’t go entirely as planned – as often happens in life?

Well, if your computers, machines, boiler, AC unit, oven, stove, furnace, elevators, hoists and cranes and so many, many other pieces of equipment breakdown, your business just might.

But hold on to your hat!

Equipment Breakdown Insurance can protect you and your enterprise from the occurrences. Read on for some summarized episodes that were submitted to insurance claims departments

Equipment Breakdown Insurance Genuine Case Scenarios

• A power surge triggered damage on the control board of an espresso machine. It also caused damage to the thermostat and compressor of the air conditioning system. Moreover, due to resulting to the business’s food cooler compressor as well, food items that were for purchase suffered spoilage.

• Brown-outs are no big deal – or so some of us tend to think. In this case a brown-out caused by a direct lightning hit to utility sub-station was followed by power surge that led to a business air conditioning unit’s untimely demise.

• Due to a sudden power surge, one mini mart’s refrigeration system incurred so much damage that it had to be replaced. As luck would have it, the food inside suffered spoilage loss as well.

• An intense ice storm brought on havoc to the electric line attached to a restaurant. Losses included an electric frying pan, wine cooler and ice maker.

• Business cannot go on without a proper phone system. One business learned the hard way about this when a power surge damaged theirs and left them without communication for forty-eight hours.

• A food store experienced a power outage and then the ensuing power surge resulted in electrical damages to the cash register and freezer.

• When an ice cream shop franchise suffered a power outage, the utility company took quite a few days to fix the problem. The ice cream melted and so did business income.

• A printing company failed to maintain his printer properly. The gap guard got loose and got stuck between the machine’s cylinder and imaging unit causing the printer to break down.

• One business’s furnace motor broke down, making optimum conditions for the water pipes to freeze and burst. When that happened, another furnace’s breaker tripped, resulting in additional heat loss.

• A condenser fan seizure resulted in the freezer compressor to burn out, followed by food damage.

• A boiler overheated and cracked as a result of a low water level. The ensuing heat loss, prompted the store owner to close his shop for one full business day.

• A religious center’s boiler and steam pipe fitting cracked and let out steam that damaged the church organ, choir members’ robes and microphone system.

All of the above claim examples were covered by equipment breakdown insurance.

If something happens to your business equipment, are you covered?

Business Liability Insurance Quote Guide: What Business Owners Need to Know About Insurance

How much insurance does your company need? Do you even need it for business purposes? At the very least, you will need to search for a general business liability insurance quote. GL insurance protects your company’s assets and pays for medical costs and other obligations should someone be injured on your property, or there are damages caused by one of your employees. This kind of insurance will also help cover the costs of your legal defense and settlement if someone tries to sue your place of business.

Do you really need it, though? Yes, sadly, you do. This is a litigious society and people will sue anybody over anything, even if it seems silly and trivial. If you have employees, you can’t control all of their actions every second of the day. What if they make a mistake which leads to a situation where someone is harmed? Or what if there are damages due to neglect? General business liability insurance will help protect your organization in the event that something like this occurs.

You’ll first want to determine how much coverage you will need before you start looking for a business liability insurance quote. The type of business you run will affect the amount of coverage and the perceived risk with which it is associated. A building contractor will obviously require more coverage than a graphics designer. Do a bit of industry research if you haven’t done so already before investing in any particular policy. Some contractors may also add you to their general liability policy, depending on your line of work. You could be an additional name to be insured during a project.

Premiums and Deductibles in Your Business Liability Insurance Quote

Like any type of insurance, there are premiums and deductibles involved. Generally, the higher the deductible you agree to pay, the lower the premiums, and vice versa. There are a variety of factors that affect the type of business liability insurance quote you get, such as the physical location of your business, building type, flood zones, local fire protection services, etc. all in addition to the type of business you are involved in.

When you begin getting quotes, take the time to read the terms and conditions very carefully. Take a couple of minutes to research the insurers involved to see if they have a high rating and whether they have experience dealing with businesses in the industry you are involved in.

It’s very easy to find a business liability insurance quote online – but you do need to take a few minutes to make sure it’s the right option for you. Hiscox Business Insurance is definitely a great place to start. Get a quote online or call 1-866-283-7545 to learn more about your options.