I borrowed the following from my “tweep” Ryan Hanley (agent in NY) who in turn had borrowed from teachsoap.com. Very good tips for the small business owner either just starting out or reviewing their current coverage.
Homeowners policies don’t (in general) cover your business. Some policies may cover up to $2,500 in business property but they won’t cover you for lawsuits stemming from your business.
What should you look for when shopping for insurance? First of all, look at your salesperson. DO they understand what you are doing? Do they ask questions to best determine your needs? When they start to sound like a used-car salesperson and promise you the moon, it’s time to walk out the door.
In insurance, cheaper is not always better.
The most important thing when choosing an insurance policy is to talk and talk and talk. You cannot explain enough about your products. If you’re selling products targeted at babies, your insurance agent needs to know that.
These are just highlights, the article goes into excellent detail without being redundant. It doesn’t matter what type of business you are starting (or currently operate), because a good insurance agent can find you coverage. The important part of buying insurance from the business owner’s perspective is having the fortitude to provide the insurance agent with accurate, honest information regarding their operations even if it means higher premiums. Because one of the worst phone conversations a business owner can have is finding out a loss is not covered.
I don’t care how busy you think you are, take the time to understand your policy. You will thank yourself in the long run.
And if you have questions, contact me. I am always happy to help.-Charlie