Small Business Insurance: What Agents Want You to Know, Dyman & Associates Insurance Group of Companies

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Small Business Insurance What Agents Want You
to Know
Dyman Associates Insurance Group of Companies
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Every business should be insured, but as a
first-time business owner, you may find it hard
to navigate through the maze of plans and
providers. Speaking with fellow entrepreneurs is
a good start, but commercial insurance agents are
familiar with a wide range of business needs, and
can provide insight into what's best for your
company. Here are four tips from insurance agents
for small business owners
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Start with a business owner's policy For
affordable, broad-spectrum coverage for your new
business, it's best to start with a business
owner's policy (BOP), said Judy Coblentz, chief
underwriting officer at Travelers Insurance. This
type of policy combines both property and general
liability insurance, and typically covers events
that cause suspended operations, property damage
or lawsuits. Depending on the type of business
you own and the number of employees you have, you
may need additional specific types of insurance,
but a BOP will at least provide basic protection
from common business losses.
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Cheaper isn't always better   When you're
trying to get a business off the ground, keeping
a low budget is often a top priority. For certain
expenses, it's smart to go with the
least-expensive option. In the case of business
insurance, cost shouldn't be the only
consideration. Shop around for a provider that's
in your price range but that also offers
comprehensive coverage and business support
services. "Select the best carrier for your
business needs," said Hale Johnston, senior vice
president of small business insurance carrier
Employers. "There may be more than one.
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  Be prepared for an audit during your first
policy period "You will either be audited during
the course of the policy or at the end of the
policy period, and your premium may be adjusted
based on your true sales," said Ken Gaylord,
commercial insurance specialist at Montgomery and
Associates Insurance Agency. "Always be as
accurate as possible in your sales records to
avoid any hidden surprises."
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