New to business insurance? Read this

If you’re starting a business, congratulations! It takes guts and drive, and we admire that. You’ll have a ton on your plate, one of them being insurance.

Here are our top seven tips to get started with the right mindset around insurance.

1. The risks are real. Take them seriously.

New business owners can be like newly licensed teenage drivers – both are excited to get somewhere, and both underestimate the risks of the journey. Know the risks are real.

2. Get good help. Don’t go it alone.

You can’t be an expert in everything – and that includes insurance. Connect with insurance experts and resources that can help you make good decisions. 

3. Stay organized and on top of it

Keep track of all policies. Create procedures to report any relevant changes to your insurance people to ensure policies stay up to date.

4. It’s less expensive to do it right

Having better coverage can save you a ton of money in at least two ways: First, having the coverage when you need it is a lot less expensive than an uncovered claim.  Second, many of the best products at the best prices won’t even offer lower limits or levels of coverage.

5. Cover the big stuff first, then the small stuff

Make sure you’re spending your insurance budget on the big things that could sink your business. Then if the budget allows, you can splurge on coverage for more minor things.

6. Take the time to do comprehensive planning

You’ll spend a ton of time building your business and lifestyle. Make sure you’re willing to spend the time and energy to protect it adequately.

7. Keep your insurance up to date. Look to improve it.

Your business and personal circumstances/preferences will change. New risks will emerge. Yesterday’s coverage selection may not be suitable for today. Keep looking to improve coverage.

Let us guess…  This list makes sense, but it’s not a list of ideas you need right now!  Instead, you need real help from someone you can trust to help put your insurance in order.   

If you’ve called around, you might have noticed that not every insurance provider is eager to work with new ventures. Instead, you’ll get pushed into self-service-type sites or to someone who just wants to sell a policy without answering too many questions.

Avoid those types.  = You’ll be left with more questions than answers – and a bill for something you’re not really sure is right for you.  

Instead, consider giving our trusted insurance partners like Mylo a shot.

Benefits you’ll enjoy by connecting with Mylo:

• Best of both worlds. Industry-leading tech + licensed experts to find you the best value.
• Shopping made easy. Mylo works with many companies, programs, and policies. 
• Comprehensive help. One-stop shop for any business owner of any type of business.
• Safe and secure. Easy consultation that respects your time, energy, and data.
• Top-notch service. Mylo never stops working to make everything as easy as possible.

Be sure to ask them about any special programs in your specific industry. They have many unique products that are very difficult to beat in terms of value.