All businesses, no matter the size, can benefit from the additional protection provided by business or casualty insurance. However, many business owners can feel overwhelmed by the prospect of shopping for insurance. By doing a little research and building a strong bond with their insurance company, business owners can ease this apprehension. These days there are several wonderful resources to help business owners better understand the nuances of business/casualty insurance.
According to the U.S. Small Business Administration website, there five different types of casualty insurance that business owners should consider.
General liability insurance: General liability insurance protects businesses against any legal issues that may arise due to accidents, injuries or negligence.
Product liability insurance: Product liability insurance can benefit any business that produces, distributes or sells a product. This type of insurance protects against any defects that cause harm.
Professional liability insurance: Professional liability insurance is otherwise known as errors and omissions insurance, and it can protect a business from any errors or practices that may be considered negligent.
Commercial property insurance: Commercial property insurance provides business owners with protection against any loss that many occur to the company property.
Home-based business insurance: Home-based business insurance provide coverage for businesses that operate within a home, and are the proper extension to a regular homeowner’s insurance policy.
Business owners looking to build a comprehensive casualty insurance plan need to find an insurance company that can create a flexible insurance portfolio that conforms to their business’s needs. However, there are a few important factors that all business owners need to consider first.
The risks: When looking for the best insurance, business owners need to know and understand the risks that will most affect their business. By understanding these risks, business owners can become a partner in building the appropriate insurance plan.
The cost: The types of coverage a business needs will affect the overall insurance premium. Casualty insurance premiums can be quite expensive. Business owners can accept a higher deductible in an effort to reduce the monthly premium.
The company: Insurance coverage and costs can vary from insurance company to insurance company. It is important for business owners to shop around and make sure that they get the best coverage for the best price.
Business owners want to find an insurance company that can understand their business needs and can offer an insurance plan that is flexible, comprehensive and cost-effective. That means working with an insurance company that puts the business owners needs first and then takes the time to explain how each insurance coverage works to diffuse the risk.
Diversified Commercial Insurers is that type of company and will provide you with Colorado casualty insurance you need. At Diversified Commercial Insurers, our success hinges on our ability to work together to build the best insurance portfolio for your business.