Buying business insurance in Oklahoma is like any other investment made in your company. Buy with confidence. To do that, you need to know what you need. You also need a trusted agency that offers a variety of policy options. The more customized and specific the plan is, the better.
There are many things to ask your agent. Discuss concerns with pricing. Talk about your business operations. Work to minimize any risks present. These are three key questions you need to ask:
#1: What Are You Buying?
Be specific here. Most companies need a comprehensive plan. This should include:
- Property insurance
- Asset protection for inventory, equipment, and furnishings
- Liability insurance
- Business interruption insurance
- Commercial auto insurance (if you operate a vehicle)
- Workers' compensation insurance
Then, ask about each policy. Know the limits of each. Examine the policies for the specific, named assets listed on them. Most importantly, focus on the cost. Be sure it fits within your company's budget.
#2: What Exclusions Apply?
Next, ask the business insurance agent about exclusions. Nearly all business insurance will have exclusions. For example, property insurance often excludes flooding or terrorism-related damage. If your policy has an exclusion, find out why. Then, discuss any endorsements. An endorsement is an additional insurance policy. It allows you to cover the business for a specific risk. It is highly effective at protecting from high-risk situations. Discuss your need for these. Your business insurance agent can help you.
#3: What Insurance May You Need Soon?
Companies grow. As you increase your customer count and business products, your insurance needs change. Your business insurance needs to grow with you. For that to happen, you need a policy that is reliable. It needs to meet increasing revenue and risks. Your business insurance agent will help you with this.
Some key types of coverage to inquire about include:
- Cyber liability insurance
- Employee dishonesty insurance
- Professional liability insurance
- Umbrella liability coverage
- Errors and Omissions insurance
- Comprehensive property coverage
Discuss how your business works now. Discuss any pans you have to expand. Do you plan to scale your business? Perhaps you are moving into new products or services. Provide this insight to the agent. Keep this person updated on the changes to your company over time. This ensures your policy remains up-to-date and properly fitting to your needs.
Focus on your business insurance needs now. Work closely with your Insurance One agent to minimize the risk of not having proper coverage. You also need to have ample coverage. Review your policies on an annual basis. Update them to match your business's current and growing needs. Call 800-475-0001 to speak to a local insurance professional.