There are no two businesses that are exactly alike. This is why buying California business insurance for your small company can be a little confusing. Finding the right policy for your business’s specific needs can be hard to do alone; you want to make sure your business is fully covered and get the best price possible. On the other hand, you don’t want to settle for a mediocre policy with mediocre coverage. Before you select one with a low premium and minimum coverage, here is what you need to know about purchasing California business insurance.
Look beyond the premium.
We know expenses are essential to you and your business, and saving where you can is necessary. For small business owners with limited budgets, it can be tempting to make a decision based on price. However, you don’t want to skimp on protecting your business. Always look at the policy to make sure you are getting adequate coverage and that the limits are high enough to suit your company.
Check for gaps in coverage.
What makes up an insurance policy are the inclusions, covered events, and exclusions, events that your policy will not cover. These inclusions and exclusions determine the terms of your coverage and are very important to pay attention to when creating your insurance policy. Make sure to review what is and isn’t covered with your commercial insurance agent and ensure you are satisfied with the protection you are getting.
Understand the limits and deductibles of your policy
Your business policy limits are the stated amount your insurance provider will pay for a specific event, instance, or claim. These limits ultimately determine the amount of protection your business will receive for liability lawsuits and other covered losses. When going over your limits, make sure to check your deductibles. You will want to make sure they are within your monthly budget but not too low that you wouldn’t mind paying out of pocket for a loss that amount. Remember, the higher the deductible, the lower the premium, but don’t get too high to where your business can’t afford it.
Skip the headache of finding the right business insurance in your area for your needs – Call John E. Peakes Insurance Agency today, and one of our talented commercial insurance agents will work with you to create a policy that fits your business’ needs and ensure you are adequately covered.