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Property insurance is necessary for any business in order to protect it from loss to the structure and the contents contained within. As with any policy, it is suggested that an annual review of the coverage be done to determine if appropriate coverage is in place. When going over policy terms, the insured should consider whether or not their current coverage would allow them to put the business back where it was before the damage occurred. Quite often, business owners do not realize that the business insurance in place is insufficient or exclusions in the policy limit coverage. They should consider the following few tips to eliminate some of the most common misunderstandings. Shop for the best options Evaluating policy prices is smart business. As an example, the current insurer for their homeowners policy may not always be the best choice for commercial coverage, so any decision should be based on value and price, versus just price. Buy coverage based on specific needs Every company has different insurance coverage requirements. Working one-on-one with an agent to tailor the policy prior to entering into a business agreement is always a good idea. Here are some things to consider: Who owns the property? Do customers come to the work site? How many employees does the business enlist? What kind of inventory does the company carry? Do vehicles need to be covered? What is the total number of autos in use? What are these vehicles used for? Is there any special equipment that must be maintained? Knowing what kind of coverage is needed can help to keep the costs down on the policy chosen. This helps to prevent purchasing unnecessary insurance or obtaining a policy that doesn’t cover major needs or risks. Conducting a risk assessment may lower costs Before shopping for insurance determine if changes can be made to lower any current risks. For example, efforts to decrease possible accidents in the work area alone may allow for a lower premium because the insurer will see that efforts were made to ensure workplace safety. Realize that people with the best credit are proven to be lower risks, which in turn provides for lower premiums. Paying bills on time is extremely helpful as well. Don’t pay for insurance when it is not needed. If the business is seasonal, then shop for a policy that will allow seasonal adjustments or coverage. While many insurance carriers will not allow seasonal policies, it can’t hurt to look.
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