How to Navigate through Business Insurance Policies

Purchasing and managing business insurance in NJ is a big job. As a business owner, you’re responsible for understanding your risk and the coverages you need. Fortunately, there are ways to streamline this process and effectively manage your policies. And it all starts with choosing the right insurance broker and developing a strong relationship with them. 

Let’s talk about some of the ways you can successfully navigate through your business insurance policies. 

Develop a strong relationship with your insurance agent, and meet with them annually. 

Your insurance agent is your go-to person for all things insurance related. Whether you have a question about one of your policies or you want to add coverage, it’s important that you trust your insurance agency in NJ. They will help you determine what policies and coverages you need to protect your business without overspending.

We recommend meeting with your insurance agent once a year to go over your current policies and make changes, if need be. Businesses can change a lot in one year, so it’s in your best interests to schedule this meeting. And, by working with an independent broker, you’re not just tied to one insurance company. Your broker can shop around for the best business insurance quotes in NJ

Retain more risk by increasing deductibles, reducing coverage limits on certain lines and developing risk management protocols.

Businesses that are perceived as higher risk will most likely have higher insurance rates. So, show the insurer that your business is taking active steps to be safer and less reliant on the insurance companies. 

To do this, identify the potential business risks your business faces and how you plan to deal with them. While your insurer will help pay for some of the damages, it’s important to have other plans of action. In fact, by developing a risk management program, you can reduce coverage limits on certain lines and increase deductibles for cost savings. 

Bundle insurance policies for convenience and savings. 

Bundling your insurance coverage is a great way to save money and keep on top of your policies. Plus, having all of your coverages in a single policy makes it easier to renew them when the time comes. Talk to your insurance agent about which coverages you can bundle and the savings that are applied. Coupled with higher deductibles, you might have more money to put back into your business each month! 

Reviewing and understanding your business insurance is a big task, but there are ways to make it smoother. If you have questions about your specific coverages and business insurance policies, contact Soden Agency. We’ll make sure you’re spending money on coverages that are appropriate for your business needs.