Maybe it’s your first time shopping for insurance. Maybe you’ve gone insurance shopping for the businesses you started in the past. Either way, the truth is, finding insurance can be the most daunting task on your startup to-do list. That said, there are players in the game trying to change that – and Next Insurance is one of them. Today, we want to offer some tips to help you get the most bang for your buck when it comes helping your business thrive.
Identify the type(s) of coverage you will need
While the options out there are nearly endless, the place to start is with two of the most popular types of coverage you’ll see: General Liability (GL) and Professional Liability (PL).
General Liability covers you when there is an accident or incident that damages the property where you work, or if someone gets hurt under your watch. For example, you’re a personal trainer and one of your clients injures themselves during a session; a general liability policy would cover the costs associated with the medical payments and any legal proceedings that might result from the incident.
GL is going to be the base of most commercial insurance policies, and is probably the most important to have as a business – while accidents don’t happen frequently, one lawsuit can threaten the livelihood of your business. This is also why partners and clients also ask for proof of General Liability coverage before they will work with you.
Professional Liability is a little different, and offers coverage for those times where something goes wrong in the execution of your services. For example, you are a painter and you have completed a job on a house – but then it turns out you used the wrong color paint, and the job has to be redone. If you have Professional Liability, then you would be covered for the costs incurred as a result of the error. At Next Insurance, we offer both of these types of coverage at different limits, so you can make sure that your business is protected in the way that makes most sense for you.
Determine your budget
Cash can be tight for a small business owner – and we understand you not wanting it to spend it all on an insurance policy. Make sure you’re partnering with a flexible insurance company that can work with you and really get you value for your money. If your insurance company offers monthly or quarterly payments, you can keep your cash flow regular. Also be aware of hidden servicing fees. At Next Insurance our policies start at $11/month, have no hidden fees, and can be paid for on a monthly basis rather than forking up 12 months of payments in advance. We utilize new technology to cut down the costs of insurance without cutting coverage.
Think about the kind of insurance experience you want
You can now buy renter’s or auto insurance totally online, and manage all your personal banking via mobile apps! With all of these capabilities at your fingertips, it makes sense that your business should be as easy to run online, with everything you need just a few clicks away. As a tech-forward insurance company, we have built out our website to enable you to purchase insurance, access your documents, and submit claims online.
However, we also realize that sometimes getting on the phone and talking through a situation with a licensed insurance advisor is preferred, which is why we have a team of advisors available to assist you 11hrs/day. While we are one of the few insurance providers offering the convenience of doing business online, there are a lot more great online options when it comes to other things you need to get done as part of running your business. For invoicing software, take a look at Quickbooks’ invoicing capabilities. If you need immediate access to credit, take a peek at Fundbox.
Let’s now get back to insurance – whether you are looking for a quick and easy purchase process, or a friendly insurance advisor, we at Next Insurance would love to help. We are always looking out for your business and your budget. Give us a try by getting a quote – or give us a call at (855)222-5919 if you have any questions. Talk to you soon!