Are you confident with your small business insurance policy? If you feel like you haven't done enough research and don't understand the coverage, it might be a good time to refresh or boost it?
1. Assess Your Existing Insurance Coverage
Begin by going through your small business insurance policy and seeing what is being covered. Additionally, make a note of where you think you could have gaps. Some industries are more susceptible to gaps in coverage, and knowing this can help you identify where you should focus.
If you're unsure about what coverage you have, call your agent or company and ask for help regarding your policy.
2. Consider Your Business Assets
One of the most significant factors that affect the cost of your small business insurance is your assets. Think of your assets as the "what if" scenario. For example, if your building suffered a serious fire, what would be the effect on your business?
If you didn't have insurance, this could mean going out of business. And, if you did have insurance, it still could mean going out of business if you didn't have enough coverage.
3. Compare Policies
Once you understand the coverage of your existing policy, it's time to evaluate if you should look for something different. Not every policy is suitable for every business.
If you have a lot of property, you may be able to pay less for more coverage. On the other hand, if you don't have the cash flow, you may want to consider a policy that will cover the cost of business interruption and the costs resulting from losing a customer.
4. Know and Understand the Claim Process
The process of filing a claim is different for every policy. You always want to understand the steps you need to take to file a claim and the potential outcomes. It's best to ensure you know the claim process in your policy to know how to proceed if a claim were to happen.
Some policies will require you to call the insurance company first to get an adjuster to the claim site. While others will have you contact your agent, and then the adjuster will be called if deemed necessary.
In either case, knowing the process can help alleviate stress when it does come time to file a claim.
5. Improve Your Coverage
Once you've compared your existing coverage to what the market offers, it's time to request a change or add-on. Some insurance companies are pretty flexible, while others can take up to 30 days to approve changes. If you're looking to get something done a little quicker, you may want to start researching other companies.
Ensure You Have the Right Protection
As a business owner, it's important to know that you have the right coverage for your business. Too little coverage, and you could go out of business. Too much coverage, and you could be paying for policies that are not being used or spending too much for what you really need.
Taking the time to understand your existing policy and the market can help you make the best decision to improve your coverage. It may mean saving money in the long run, and that's never a bad thing.
Talk to a Gold Coast insurance specialist and determine if you still have the right coverage for your small business. New Wave Insurance will help you find the right insurance for business assets. Get in touch with us.