Small Business Insurance Checklist: 5 Questions to Ask Your Agent

1. Do I have the right commercial coverages?

Depending on your operation there are a number of different commercial coverages you may be interested in. Some examples are:

Business Property

This protects your property and everything inside. It could protect buildings, inventory, or leased property.

Business Liability

This is going to protect your business from the cost of covered liability claims and lawsuits.

Business Vehicle

If you have a vehicle used for business, this can include auto liability and physical damage coverage.

Business Umbrella

Umbrellas provide an extra layer of liability that arches over existing coverages.

A lot can change in a year, including your business. Our annual SuperCheck® will help you review any changes and make sure your business insurance is still keeping up. During this policy review, ask your insurance agent any questions you may have.

Workers’ Compensation

If you have employees, this will pay certain benefits to employees who experience injury, illness or death during their employment with you.

2. How much coverage do I have?

As you review your small business insurance checklist with your agent, make sure to ask about current policy limits. If you haven’t in a few years, it may be time to review building valuations, other property limits, and liability limits. If you are insuring inventory or leased property, bring a current list so you can verify you are fully covered.

Review your liability limits closely. If your business has grown, it may be a good idea to lift any liability and umbrella limits to make sure you are protected.

3. Should I increase my deductibles?

Sometimes having lower limits can actually increase your premium since you are having the company take on more of the risk. Your agent should be able to quote different limits and help you decide which deductible is best for you.

If you are able to afford taking on a higher deductible, the company will likely “reward” you for agreeing to help share more of the cost by giving you a lower rate.

4. Are there any new coverages available?

Insurance companies are always trying to evolve and change to best serve their insureds. Since you last visited with your agent for a policy review, the company may have released new policy enhancements or endorsements for coverage you may be interested in. Add this to your small business insurance checklist and ask your agent to review these new coverages to see if any would benefit you.

5. Are there any discounts available?

As a small business owner, your budget may be tight. Discuss with your agent if there are any discounts you would be able to qualify for. If there aren’t any, you can discuss possible discounts that you could qualify for in the future or discuss how you could qualify for others.

These questions are a great jumping off point to start a policy review discussion with your agent. Your agent is your direct connection to the company so if you have any questions, feel free to ask them.

This article was originally published on Farm Bureau Financial Services.