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How do I Find Insurance for my New Business?
April 30, 2023 at 7:00 AM
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Starting a new business comes with many challenges, one of which is securing the right insurance coverage to protect your business from unexpected losses. Commercial insurance can provide peace of mind and protection for your business, but navigating the insurance market can be overwhelming. Below, we'll discuss how to find insurance for your new business and the benefits of working with commercial insurance brokers.

What is commercial insurance?

Commercial insurance is a type of insurance that provides coverage for businesses against potential financial losses caused by unforeseen circumstances such as theft, property damage, liability, and natural disasters. Commercial insurance can be tailored to meet the specific needs of your business and can provide protection against a range of risks.

Types of commercial insurance

There are several types of commercial insurance coverage options to consider when selecting insurance for your new business. Here are some of the most common types:

  • General Liability Insurance: This type of insurance covers the cost of legal fees and damages that may arise due to bodily injury or property damage caused by your business operations.
  • Property Insurance: Property insurance covers damage to your business property, such as fire, theft, or natural disasters.
  • Professional Liability Insurance: Also known as Errors and Omissions insurance, this type of coverage provides protection against claims of negligence, errors, or omissions in the services you provide.
  • Workers' Compensation Insurance: Workers' compensation insurance covers the cost of medical expenses and lost wages for employees who are injured on the job.
  • Cyber Insurance: Cyber insurance provides protection against cyber attacks, data breaches, and other cyber-related incidents that could impact your business.

Working with commercial insurance brokers

Navigating the complex world of commercial insurance can be challenging, especially for new business owners. That's where commercial insurance brokers come in. A commercial insurance broker is a licensed professional who can help you find the right insurance coverage for your business at the best price.

Here are some benefits of working with commercial insurance brokers:

  • Expertise: Commercial insurance brokers are trained professionals who have extensive knowledge of the insurance market and can provide valuable insights and advice on the best coverage options for your business.
  • Customization: Commercial insurance brokers can help you tailor insurance coverage to meet the specific needs of your business, ensuring that you're not paying for coverage you don't need.
  • Time-saving: Searching for insurance coverage on your own can be a time-consuming process. Commercial insurance brokers can save you time by handling the research and comparison process for you.
  • Cost-saving: Commercial insurance brokers have established relationships with insurance providers, which can result in cost savings for your business.

How to find commercial insurance brokers

Finding the right commercial insurance broker is essential to ensure that your business is adequately protected. Here are some tips on how to find commercial insurance brokers:

  • Referrals: Ask other business owners in your industry for recommendations on commercial insurance brokers they have worked with.
  • Online search: Conduct an online search for commercial insurance brokers in your area. Look for brokers who have a professional website and positive reviews from past clients.
  • Professional organizations: Consider working with a commercial insurance broker who is a member of a professional organization, such as the National Association of Insurance Brokers (NAIB).
  • Consultation: Schedule a consultation with potential commercial insurance brokers to discuss your business's insurance needs, ask questions, and assess their level of expertise.

Get in touch with OWLFI for assistance from dedicated commercial insurance brokers!

Securing the right commercial insurance coverage is an important step in protecting your new business from potential financial losses. Working with a commercial insurance broker can save you time and money, and ensure that you have the right coverage for your specific business needs. At OWLFI, our team of experts can help you navigate the complex world of commercial insurance and find the right coverage for your business. Contact us today to schedule a consultation.