Expert Tips for Business Insurance Shopping

Expert Tips for Business Insurance Shopping

Expert Tips for Business Insurance Shopping

Protecting your business with the right insurance can seem challenging. You may not know what coverage you need or how to tell if you found the best value. These six tips can save you time, money and energy – and get you back to building something great!

Tip 1: Organize your current coverage

Do you have insurance already? Many small business owners do but it’s a case of “out of sight, out of mind.” We recommend establishing a central location (ideally secure and on the cloud) where you can store everything in one place – and easily pull up key details when you’re shopping.

You’ll want to include:

  • Your policies
  • A list or spreadsheet of important info (policy type, policy numbers, expiration dates, insurance company names, contact information, etc.) 
  • Notes on any special coverages you added to a standard policy (such as insurance for specialized equipment)

When you receive any new insurance documentation, take a few seconds to store the information in this designated spot. Your future self will thank you!

Tip 2: Compare multiple quotes

It’s a good idea to compare options from several top-rated established insurance companies to get the most objective results. 

  • Some companies may specialize in your industry and give you a better value
  • Some policies offer discounts for a safe workspace or other risk preventions
  • Your ideal policy will offer a competitive rate and the right coverage levels

The easiest way to do this is to work with an insurance broker instead of shopping companies one by one. A broker makes a commission when you buy a policy from one of their insurance company partners. That allows them to serve as your personal insurance shopper and not charge a fee for it. 

Tip 3: Save with coverage combos

Small business owners can usually save money and meet three or more important needs in the same package.

A business owner’s policy (or “BOP”) is a common package that combines:

  • Property: Covers your property if it’s damaged by fire, theft or vandalism 
  • Business interruption: Compensates you if direct physical damage forces you to shut down
  • General liability: Pays legal costs if your business or employees cause accidental harm to a third party

Many insurance companies have expanded their offerings and can help you add cyber insurance to the mix too! That’s a must for handling the high legal and regulatory costs of a cyber breach that can damage your great reputation with customers – an ever-increasing threat as cybercriminals target small businesses.

Tip 4: Shop for service levels too

Your relationship with an insurance company doesn’t end when you purchase your policy. If you have to make a claim or need other assistance with a policy, how important is it to you to have immediate follow-up and a quick turnaround? 

Check out reviews and ratings of insurance companies to determine which ones are likely to give you the level of service you prefer. Individual companies may offer additional services that could matter to you – such as multiple billing options or ongoing resources for risk mitigation.

Once again, an insurance broker can make your life easier by doing the research for you and finding your preferred level of service. Many also have their own service departments that can be a great resource for you in figuring out next steps if you have an issue.

Tip 5: Reevaluate coverage as your company changes 

Your business is a lot like you – it rarely stands still. Because of that, your insurance needs could have evolved since the last time you shopped. So be sure to let your agent or broker know if:

  • Your revenue recently jumped (congrats, by the way!)
  • You made a change in operations (such as adding a new product or service)
  • You’re entering into a new contract with a landlord, vendor or partner

This information will save you time by helping you zero in on your most up-to-date protections.

Tip 6: Work with a free insurance advisor

Mylo is an independent digital broker. Unlike insurance companies who sell their own policies, we created an easy process to give you objective coverage advice and proven solutions from 100+ top-rated insurance company partners.

Answer a few questions and our data-driven technology will quickly:

  • Assess your company’s needs
  • Make expert coverage recommendations
  • Match your risks with insurance companies who specialize in them
  • Find you the right policies at the best value

When you connect with Mylo, you get instant access to:

  • One-stop insurance shop
    • Business, auto, home, group benefits, life, health & more
    • Wide range of coverage types and insurance companies
    • Protection for your overall financial wellness
  • Proven insurance expertise
    • 50+ years of experience
    • Deep knowledge of individual industries
    • Expert guidance on your likely risks
  • Digital and agent-assisted shopping
    • Online shopping with quotes in minutes
    • Friendly expert agents licensed in all 50 states
    • Highly personalized solutions through Mylo’s tech 

We’re ready to help

We want you to sleep well at night knowing you don’t have gaps in your coverage that could put your business or personal finances at risk. We also know your time is valuable!

Nav selected Mylo to help you quickly find ideal coverage for your many important insurance needs. If you’re ready to switch your current coverage to something better or just want to connect and explore your options, we’re excited to make insurance easy for you!

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Reviews Disclosure: The responses below are not provided or commissioned by the credit card, financing and service companies that appear on this site. Responses have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered.

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