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View Full Version : What Should I Know About Business Insurance?



KingHippo
08-16-2008, 04:35 PM
Who would you guys recommend using for business insurance? How much on average does business insurance cost per month for a small business with no employees? Does business insurance help pay off the costs of a lawsuit? Thanks.

pete
08-16-2008, 08:10 PM
I am going to give you my stock answer first -

Look in your local Yellow Pages and find a local commercial or business insurance broker, one who sells multiple lines, if possible. Then talk to them. Explain what your concerns are and what coverage you are interested in.

DON'T talk to the "retail" insurance guys, the home / auto / life, they often know little or nothing about business insurance.

You don't mention what your business is, and that makes a lot of difference. And there are so many variables, it's best to find someone you are comfortable with, who doesn't know your financial condition, and get their recommendations.

I once had a friend lose a lot of money over a break-in because his neighbor / insurance man / customer did not feel he could afford the premium for proper coverage. Can you believe that? An insurance man?

Things I've learned over the years I'd have never suspected - if you have an auto repair shop with lifts you need an elevator policy. If you are in an adjoining building to a pizza shop your fire insurance will be higher, next to a dry cleaner and it will cost you more, as well.

Stuff like that is why you need a pro. I know online is bigtime, but in this case, let your fingers do the walking.
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Aaron Hats
08-16-2008, 09:03 PM
I'm with Pete on this. Talk to a local agent that knows business insurance. Bottom line is GET SOME and don't wait.

orion_joel
08-17-2008, 01:26 AM
Almost every industry has different premium rates, and as mentioned location and such can cause the rates to vary a lot.

I know a guy who did computer technical support, he was covered by insurance, however he thought about branching out into security system installation which he did for a little while and when renewing his policy mentioned it, and was told if that was part of his business, his premium was going up, (almost triple the cost yearly). While he could make good money doing this work, it was a sideline and he stopped because the cost of the premium was not equal to the amount of work he wanted to do on this track.

mimi8771
04-20-2014, 07:44 AM
i needed to make another post sorry ignore this

huggytree
04-20-2014, 10:14 AM
i use a broker....i have different policies with different companies....a broker can shop around for you and get exactly what you need

i had a cheap insurance company that covered theft of my tools....when i got my van robber they took 6 weeks to get me $$ back....i dumped them....i now pay a bit more, but i know the company pays within 1 week.....sometimes cheap= cheap/bad service (most of the time)

Mr_J
04-21-2014, 09:30 AM
Well, that is a great question. I believe that there are different sections of insurances. I would think of it more along the terms, for example: Health insurance, dentist, accidental death and dissmemberment, ect.. And each one has thier own account for just that.