How to Select Small Business Insurance
If you’re staring up your own business, your to do list before opening day may seem daunting at times. Sourcing the best small business insurance might not be a priority right now, but it will prove essential before your first client walks through the door. That’s where the brokers and CSRs at DPM Insurance Group come in. We can help you get the right coverage in place, help you save money AND take a lot of unwanted stress off your plate.
We love hearing from small business owners who are experiencing new and exciting changes – whether they are expanding their service offerings, buying a new company car or even reopening at full capacity for the first time. These important milestones are typically also a great opportunity to reevaluate your small business insurance to make sure you are getting the best coverage for the best price.
When You Should Buy or Reevaluate Your Small Business Insurance
Some people buy insurance for a small business once and never think about it again. This is a common mistake among small business owners. Renewing the same old policy year after year without speaking to a real-life insurance broker means your protection plan might be outdated. Think about how much has changed since your first year in business. As your company grows and evolves, your coverage needs will also change.
You may need to buy or update your business insurance if you:
- Start a new company
- Open a new location
- Buy a company car or expand your fleet
- Hire staff or contractors
- Expand your service offerings
- Feel unhappy with your current carrier
Understandably, there are a lot of moving pieces to keep track of. But perhaps the biggest, most important reason to plan ahead and reach out to your broker is this:
Your insurance broker can lock in a competitive rate and help you save money.
Not sure what policy your business needs? Some of the most common types of insurance for small business owners are general liability insurance, property insurance and commercial auto insurance. Your specific needs will depend on the industry your company operates in, as well as provincial and local requirements.
Reach out to DPM Insurance Group to set up a consultation about insurance for business owners.
Steps to Buying Insurance for Your Small Business
Think about your business plan.
Every company has unique risks and challenges. While a construction worker’s biggest concern might be avoiding an injury, a boutique owner may be more worried about receiving a complaint on social media from a disgruntled customer. That is why your coverage should be tailored to your business, instead of buying a one-size-fits-all business owner’s insurance policy online.
An experienced broker can tailor a small business insurance plan for:
- Interior construction
- Contractors or handymen
- Clothing boutiques
- Schools and daycares
- Tree trimming
- Auto dealers and body shops
- Cleaners . . . and more!
Find a broker who cares about you.
If you do not already know someone who sells insurance for small businesses, it is important to find someone you can trust – someone who truly cares about you and takes the time to get to know your company, along with your future goals and priorities. A great broker is not just someone who collects premium payments.
As you are searching for local agents in the Windsor-Essex and Chatham-Kent area and reading reviews, consider reaching out to DPM Insurance Group. Unlike a captive agent, an independent broker has the ability to get quotes from multiple carriers with different limits and deductibles. This means you have more options to choose from.
Discuss your business goals and future plans.
Opening a new business next year, next month, or even next week? You can reach out to a broker at ANY time with no obligation to get a quote or purchase a small business insurance policy on the spot. In fact, having extra time to plan ahead is very helpful.
For small business owners, planning ahead allows you to figure out how much your insurance premium payment might cost. You can plug this number into your business plan and start building a realistic operating budget.
For your broker, having a little extra time gives them the ability to shop around for the best coverage and the best rate. In fact, the broker can lock in your rate and keep it on standby until you are ready to activate coverage for your small business.
Ask about discounts.
Your broker knows better than anyone how to save money on small business insurance. There are several great discounts you may be able to take advantage of.
Keep in touch.
DPM’s brokers and CSRs like to touch base with clients who are small business owners on at least an annual or bi-annual basis. This gives us an opportunity to find out how things are going, talk about the state of the business and discuss any changes or new opportunities. And these consultations are free.
Insurance for Small Business Owners from the DPM Team
DPM Insurance Group, with offices in Harrow, Essex, Tilbury, Chatham, Blenheim and Wallaceburg, is passionate about supporting our local companies and small business owners. After all, we are a locally owned small business, too. We understand the unique challenges our clients face and have the expertise to help. Our brokers and CSRs would love to customize a small business insurance plan specifically for your needs.
Get a free quote for general liability insurance, and other commercial insurance plans with no commitment to purchase coverage. For more information, contact the DPM Insurance Group office nearest you by clicking here for a list of locations: https://dpmins.com/locations/
Source: Webb Insurance