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How to Choose the Right Insurance Policy for Your Business

Finding the right insurance policy for your business could seem like something that is tedious, yet necessary. However, with a little groundwork, you can find the best protection for your business, saving you money and stress in the long run.

Here are some questions you should consider as you search for the best insurance policy for your business. What Type of Insurance Are You Considering?The type of insurance you’re looking for depends on the needs of your unique business. Which of the following are most important to your business?

  • Business property insurance: Reimburses financial loss from your buildings, or property becoming damaged or destroyed.

  • Business liability insurance: Pays for injury or property damage your business is responsible for.

  • Business automobile insurance: Protects against damage of company vehicles. Comprehensive coverage compensates fire or theft, collision coverage compensates accidents, and liability insurance protects an employee if they are sued for an accident with a company vehicle.

  • Business umbrella insurance: Extends coverage for losses above the limit of other policies.

Besides these main types of business insurance, you can also select from:

  • Workers compensation insurance: Covers an employee who becomes sick or injured from work-related duties, including medical costs and lost wages.

  • Business interruption insurance: Covers the loss of income a business suffers while its facility is closed because of a disaster.

  • Group health insurance: Offers health insurance to benefit employees; typically costs less per person than an individual plan would.

  • Group life insurance: Offers life insurance policies at reduced rates to individual employees.

  • Disability insurance: Provides payments when a disabled or ill employee is unable to work.

Which Benefits Are Most Important to You?As you consider which company has the best insurance policy, determine which of these benefits are most important to you:

  • Cost of deductible (the amount of money the insured must pay before a claim will be covered)

  • Amount of co-pay (amount of money the insured pays out-of-pocket for healthcare expenses)

  • Out-of-pocket limit (the largest amount of money you pay toward the insurance cost)

  • Amount/type of coverage

  • Total price of insurance

As you consider different options, try to find the most highly-rated insurance company with the coverage you need at an affordable price. Also consider the types of benefits each insurance policy offers and whether they are necessary to your business. To make the process easier, Eisenhauer Insurance Inc. can connect you with the best insurance options in Nova Scotia and Halifax. We gather quotes from various companies and compare them to help you find the best coverage for your business. Use our services to find the best policy for your business today! Return to main blog page


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