How Do I Pick the Right Commercial Insurance?

You have a business plan. That’s great! Longmont, CO, is still a wonderful place to be a business owner. But, if you want to succeed, there is definitely a little paperwork in order. One item of business you shouldn’t avoid is commercial insurance. The right policy is the difference between lifelong business success and a short, unsatisfying run. That’s why 1st American Insurance Agency is here with some easy advice to simplify the process.

Understand the Big Three

Commercial insurance typically is intended to cover three things regarding your business: property, workers, and liability. Property can include a storefront, office or other location. It can also refer to vehicles and any assets worth insuring that are owned directly by the business. Insuring workers usually means workmen’s compensation and other medical-related coverage. Liability is pretty much what you expect. This is the insurance that protects you from lawsuits against the business.

Balance the Sheets

So, considering the three aspects of coverage, choosing the right policy is a matter of balancing costs and needs. It might sound boring, but good business practices are all about balancing numbers. Your goal is to get enough coverage for each issue that you won’t worry about a single disaster sinking the whole business. For workmen’s comp, state laws are usually a good guide. For liability and property insurance, those are both largely determined by the value of your assets. If your business is worth $10 million, you don’t need a policy that covers $100 million. You get the idea.

Shop Around

Still, making sure you are getting the best deal for the coverage you need can be tricky. The best way to simplify the process is to let your 1st American Insurance Agency representative do the heavy lifting. They can help you evaluate your assets and find the best deals by shopping around for you. They love helping businesses in Longmont, CO, so why not let them help you too?