10 Tips for Choosing Commercial Insurance Services

Starting a commercial business can be a risky move, and you stand to lose a lot if you face unforeseen issues after you get started. This is where commercial insurance services can mean the difference between your growth or dismal failure. How can you pick the right service and coverage, though, to mitigate as many of these risks as possible?

The following ten tips should help you separate the wheat from the chaff when it comes to your business insurance needs. This article will also shine a light on how MIS Insurance Services are the best choice for you and your business partners in a competitive world.

1. Assess Your Business Risks and Insurance Needs

Before finding a business insurance service that suits your requirements, you need to understand what those needs are. Start with an assessment of any strengths, weaknesses, opportunities, and threats to your business. When looking at these threats, make sure to also consider how your business could face losses from unexpected events.

Think about whether you might feel an impact from:

  • Economic downturn
  • Litigation
  • Vehicle accident
  • Natural disaster
  • Accidental damage
  • Personal injury of you or employees

This list is not exhaustive, so you should work out if there is anything else you might need insured if something goes wrong.

You need to look to both the past and future of business, especially your own. Have you had any issues in the past where you wish you had insurance, and is there even a small chance it is going to happen again?

Looking forward, the ways people set up businesses are also changing. We can expect that to continue into the future, so it is important to be ready for this by investing in up-to-date insurance policies.

2. Explore Your Coverage Options

Make sure you have a comprehensive understanding of what each policy offers you. Familiarity allows you to discuss and analyze each one from a position of knowledge that lets you make better decisions.

Learn about concepts you might not find in other types of insurance, such as:

  • Worker’s Compensation Insurance
  • Business interruption insurance
  • Professional liability insurance
  • Commercial auto insurance

Each of these will offer new possibilities for claims if you have not delved into them before. Each one protects your business from a different issue that may crop up.

Your industry may also have a specific or niche commercial insurance service. For example, truck or motorcycle insurance, each of which may be relevant to you being able to continue working after an incident.

3. Search for Reliable Insurance Services

Once you have worked out what kinds of coverage relate to your business, try to look for providers who specialize in those options. Once you have found a list, check them for professional credentials.

These might include having the necessary licenses or accreditations. These will show they have the legal authority to offer insurance and that they meet a professional level of quality service. It also ensures the company follows industry demands and ethical standards, which are very important when you want to make a claim.

Once you have the assurance they are reliable, go online and look for reviews related to their business. You want to find testimonials or reviews that discuss how well they run a business. These experience reports may impact your decision about whether you want to work with them or may even solidify your trust in a company.

4. Compare and Contrast Coverage Details and Rates

Now that you understand the insurance types you need and the service options out there, you can start comparing the smaller details. Seek out quotes from each company and start to look at what they each offer.

Make sure these quotes are from similar coverage options or it will be like comparing apples and oranges. Also, take note of if any providers offer special offers that may impact your decision.

Make sure each one offers a good level of coverage and that they do not have any clauses that would disqualify you from a claim. It is important you understand the concepts of deductibles, premiums, and coverage limits. By comparing these, you can consider each policy with your budget in mind and whether you can afford one or the other.

5. Considering High-Risk and SR22 Insurance

An SR22 is a document that proves you have enough liability insurance to continue to drive in the state you are in. Most states demand that all drivers have SR22 information available in case the police ask for such documents.

Some, instead, only demand the document if the courts have suspended your license in the past due to a car crash. In such a situation, the state would consider you a “high-risk” driver and as such need high-risk insurance.

If you drive for your business, such a document can make or break whether you are able to continue doing your job. Thus, if you need an SR-22, no matter whether you travel outside your state or not, you should look into providers who can offer it. 

Make sure you check out the specific provisions in the SR22 policy, too. There may be specific details you will not find on other types of insurance. So, make sure you understand what it entails.

6. Consult With Licensed Agents

After you have a good understanding of the offers out there and have sourced quotes, contact each company’s customer service. This way, you can start learning more about the smaller details of what they offer and where their policy can bend to suit your specific business.

If you have unique requirements, such as the SR22 mentioned above, you should mention this to them. They can then give you better advice on your specific situation.

This is your opportunity to talk about your business operations and any risks you are aware of. You can delve into the different coverage options they have and learn how to do things like lower your premiums or adjust your deductible. There is every chance you also have several questions of your own and now is the time to ask them.

7. Find Out What Customizing Your Policy Offers

When you compared the different insurance options, you likely only looked at their default policy option. Try to find out if there are any add-ons or endorsements that could be beneficial or detrimental to your business. You should also learn what the process of adjusting a policy is like and when you can do it.

You can update some policies every year, whereas others have different running periods or allow you to adjust them for a fee. Getting familiar with this process gives you options in the future as your business budget changes due to growth.

8. Identify Discounts or Special Offers

There may be several options for receiving cheaper insurance based on how loyal you appear to be to the company. Not all insurance providers do this, but it may be worth asking about:

  • Any current promotions they have
  • Insurance for specific professions or industries
  • Annual premium payment
  • No-claim discounts
  • Loyalty bonuses

There may be specific circumstances in which a company offers or rescinds these discounts. Because of this, check your business’s eligibility for each one; after all, you want to pay the least amount possible to protect your budget.

Several sites online also offer advice on trying to get the cheapest deals possible, so take a look around and see what you can find.

9. Ensure You Know and Follow the Insurance Requirements

When you have the contract for a commercial insurance policy, run through each clause. It is very important that you meet the requirements set out in this document. 

Examples of the things you may need to look into include:

  • Whether you need employee training and safety awareness
  • Engaging with an agent who can run through a risk assessment
  • Specific legal requirements as befits your region or industry
  • Putting cyber protection in place to protect your data
  • A clear process for reporting issues that could impact a claim

The details of each of these may be different depending on who you take a policy out with. The best way to ensure you comply is to speak to an insurance agent and a lawyer and ask them both to run through the details with you.

10. Consider Their Customer Service Habits

When speaking with insurance agents, consider how they treat you in conversations. If they are dismissive and sound like they want to get you off the phone as soon as possible, you may want to look into a different company. You want to feel as though they would take any claim seriously and respond to it in good time.

A Leader in Commercial Insurance Services

It can be hard to choose which policies would work best for you when there are so many variables. Still, MIS Insurance Services aims to provide stand-out policies that match your unique needs.

We have a long track record of high-quality commercial insurance services and great premiums. Working with us, we can ensure it fits your budget so you get the protection you need.

So, pick up the phone and request a quote to find out what we can do for you today.