Commercial insurance protects businesses from a financial loss due to a lawsuit, injury or disaster. There are different types of insurance policies that you can buy, so talk to a Commercial Insurance Albany NY agent for advice specific to the type of business that you own.
Comparison Shop
Get quotes from a few different insurance companies because rates can vary between companies. The company that gives you the best deal on your car insurance may not be the best company for commercial insurance. Price isn’t the only factor, however; also take in to consideration the reputation of the company.
Research
Commercial Insurance Albany NY policies vary greatly, and each policy may only cover certain things. You need to make sure the policy you get covers your needs. Factors that will influence your decision include:
Whether you own or rent.
If customers come to your business site.
The number of employees.
If you use a vehicle for work.
Inventory type of amount.
Special equipment used by the company.
You should only buy the type and amount of coverage that your company needs. You need to have an estimate of the total value of your business and its assets to know how much coverage you need. Buying a policy that provides too much coverage will mean a higher premium.
Risk Assessment
Ask your insurance company for a risk assessment. You may be able to make some changes to your business that will lower your risk, which will lower your premium.
Credit
If you have good credit, ask if there is a discount. Most insurance companies provide discounts for those with good credit because they have a lower risk. Pay your premiums on time and try to lower the amount of debt your company owes to improve your credit.
Buy What You Need
Look for a policy that offers everything you need, but not more than you need. You don’t want to pay for more insurance than you need. If your business is seasonal, consider dropping your business in the off season to save money. Not all insurance companies offer seasonal insurance, but you can ask for it.
