How to Assess Business Insurance Quotes

As a business owner, you already know the importance of having adequate insurance coverage. That is why you have started to shop around and look for coverage. As you collect business insurance quotes, it pays to be cautious about the coverages and policies that come with the price. That way, as you compare side-by-side, you can ensure you are truly getting the best plan and price for your business.

Tips for Reviewing Business Insurance Quotes

When looking at the quotes you receive, there are a few things you must remember:

  • The Premium is Not the Whole Story – Never look at just the monthly or annual premium. Some insurance companies deliberately quote low premiums to attract those small business owners on a lean budget. What they are hoping you will not see, however, is the lack of coverage you are getting for that low-ball premium. Remember that you are purchasing business protection; therefore, price should not be the only factor used to decide on your purchase.
  • Inclusions and Exclusions Matter – Look at the defining details of the policy and see what inclusions (also known as covered events) and exclusions (events not covered by insurance) are listed.
  • Limits and Deductibles – A business insurance quote should list all policy limits and deductibles that you will face if you ever have to file a business insurance claim. These limits determine how much monetary compensation you have access to, while the deductible lets you know how much cash you will pay out of pocket.
  • Discuss It With a Trusted Broker – Brokers are neutral third parties that can help you understand the insurance quotes you are reviewing. An experienced broker will find multiple insurance carriers for your business, compare all of the limits, deductions and inclusions/exclusions and see if they match up with your business’s specific liabilities and needs.

The Nowell Agency can help you find the right business insurance for your organization. Whether you need general liability or you are in search of an umbrella policy, we can help. We offer risk assessments for local businesses of all types and sizes. You will receive multiple quotes with our inputs on each one so that you can compare and buy the right policy for your needs.

Call us at 601.992.4444 to learn more about business insurance or request a business insurance quote today.