In the event of a crisis, business owners must be able to rely on their insurance providers for affordable and comprehensive coverage, and trustworthy service. Building a professional relationship with a local business insurance provider can bring you peace of mind and be a good financial move.
Take a closer look at some of the top factors to consider when choosing your business insurance provider.
Understanding Business Insurance Requirements
In Hawai’i, business owners are required to carry certain types of business insurance. While there are some exceptions, state law requires businesses with one or more part-time or full-time employees to carry workers’ compensation insurance. Workers’ comp provides medical care and/or cash benefits for workers who become ill or injured as a direct result of their job.
Business-owned vehicles must be covered by commercial auto insurance. Some trucking companies may also need extra liability insurance coverage depending on what they haul and where.
Grouping these together in a business owners’ policy combines general liability and property coverage which can work well for small and medium-sized businesses. Some other policies to also consider include commercial casualty insurance and commercial umbrella insurance.
Work with an insurance provider you trust to see what they recommend for your particular business and industry to best minimize your risks.
Importance of Customizable Policies and Flexibility
Flexible insurance policies are important for growing businesses. Review what the provider offers and make sure it is in line with your needs.
Customizable policies allow you to shape the insurance policy to meet the risks and requirements of your business. This can include adding or removing certain coverage features, or increasing or reducing your liability limits, especially as your business changes over time.
Weighing Cost vs. Value When Choosing Business Insurance
When comparing business insurance policies, consider if the cost of a policy offers a good value for your money. Business insurance providers take many areas into account when calculating costs, such as:
Type of business: Some businesses, such as medical offices and law firms, are more likely to encounter lawsuits, which can lead to higher premiums.- Coverage limits: Some industries see higher than average costs which can affect the limits of coverage.
- Business size: Businesses that have more clients and employees typically require more insurance coverage.
- Location: Typical loss exposures in a particular area, such as in Hawai’i, can influence the cost of premiums.
- Experience: Established businesses often pay less for insurance as they have built trust with the provider over time.
- Claims history: A history of claims may indicate that the policyholder is at a higher risk of lawsuits.
A reputable insurance provider will evaluate your risks and explain what factors are used when calculating your quote.
Assessing Customer Service and Claims Handling
How well a business insurance provider interacts with customers and handles claims can say a lot about their professionalism. Particularly when facing a claim. Research the insurance provider’s reputation for responsiveness, communication, claims management, and overall customer support.
A good provider should also be able to help you through the claims process smoothly. Look for a provider that has a team of knowledgeable and accessible customer service representatives who can quickly address any questions or concerns you may have about your coverage.
Finding Ways to Save Without Sacrificing Coverage
When choosing a business insurance provider, pick a company that is willing to help you save money in all the right places. There are several ways that providers can cut costs without putting your coverage at risk.
First, ask about package options. Packaged insurance policies, such as business owners’ insurance, can be more cost-effective than individual policies. These packaged policies generally include standard coverages and liability limits that are best suited for most businesses.
Next, consider adjusting your deductible. Your provider may suggest increasing your deductible, which is how much you pay before the insurance policy kicks in. Setting a higher deductible typically means you pay lower insurance premiums.
A good business insurance provider will also provide valuable advice that can help you save now and in the future. This may include taking simple actions to prevent losses, such as updating your alarm system or making other building upgrades.
Trust Atlas Insurance Agency for Your Business Insurance Needs
Business owners in Hawai’i may face an assortment of risks while operating their companies, business insurance can help cover the related financial impact. Selecting the right business insurance provider to assist you with choosing coverage and handling claims can help keep your business protected.
Whether you’re a newly established business or are preparing to switch providers, consider who can best serve your company’s interests.
The local and experienced team of insurance experts at Atlas Insurance can help you choose the business insurance products you need to protect against unexpected financial losses. The helpful providers at Atlas Insurance Agency will gladly help you manage your company’s risks.