Preparing a Business Insurance Checklist

Getting a business insurance is complicated. A thorough deliberation is necessary in order to get the optimum insurance.

If you are planning on getting a business insurance, it would pay off to come up with a checklist of information that you’d be needing before choosing a particular business insurance. Find out what should be included in your check list.

A business insurance checklist could mean different things depending on what your purpose is for drawing it. Are you a new business trying to know what kind of insurance would you need for your business? Are you an old timer trying to review whether you are fully protected by your old insurance after your business has grown? Are you an existing business trying to explore the option of changing insurer?

If you are a startup, the best that you would come up with is a detailed description of the business. You would need this when talking to an insurance agent/broker or insurance advisors. You would need these professionals to get proper advice on what kinds of insurance is best for your business. And they need a complete description of your business to fully asses where your liabilities lie most. Remember that every business is unique. There is no direct business-to-insurances match. And with the numerous insurances available nowadays, a thorough assessment is necessary. So if you are meeting a prospective broker for the first time, be sure to inform him, among others, of:

  • A description of your business. Are you selling a product or offering a service?
  • Your address and the area of your business premises
  • Nature of occupancy, whether you own the building or is leasing it
  • How the building is constructed (type of material)
  • Whether you are entertaining customers on your business premises
  • Existing safety measures like sensors and security cameras
  • Whether you have employees or not, how many and whether you are employing non-Americans
  • Whether you are using personal or business vehicles and whether the vehicle has existing insurance
  • Existing assets that should be insured

Knowing these will help them suggest to you whether you need property insurance to cover losses and destruction of property due to theft or natural disaster; general liability to cover many types of injuries that happen in your place of business; a professional liability insurance to protect you from possible negligence or malpractice lawsuits; workers’ compensation insurance; or car insurance in case the vehicle meets accidents while on a business trip. As a result you will get good advice on what insurance you can do without as mandated by your state laws and as urgently required by the nature of your operation. You will also know those that are good to have but not immediately necessary. In this way you will be fully protected without spending more than you should.


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