Owning our own business is a dream come true for many of us. While it is actually easy starting a business, most onlookers fail to realise that the actual challenge is in managing the daily operations of one while ensuring its security in the long term.
These days there are multiple tools in the market which business owners can effortlessly leverage to ensure that the above two aspects are consistently in tandem, and one of them is an online business insurance policy.
As a small business owner, we are sure you have come across multiple online business insurance plans in Calgary; however, how can you ensure that you are getting the best value for your money when you are subscribing to the one?
Well, the answer to that lies in asking the right questions to your insurance broker right at the time of the purchase and in today’s blog post, we will share a list of the most significant ones with you.
1. What Type of Insurance Policy Do I Require?
Today there are multiple different types of business insurance policies available online, but how do you know which one is best suited for your business requirements?
For instance, there is general liability insurance which provides coverage for customer injuries and customer property damages caused by your business while under contract with the client.
On the other hand, there are other types of business insurance policies such as worker compensation insurance and business owner’s policy. Thus as you can understand, before you go ahead and buy an online business insurance policy in Calgary, it is important for you to speak at length with your business broker about these aspects.
2. How Can You Claim Your Coverage?
Once you have successfully purchased an online business insurance policy in Calgary, the next important step is to know how you can claim your coverage in case of an emergency. While some insurance policies have dedicated details on their website regarding the same, there are others which solely depend on insurance agents to process the claim application. Inquiring about these details in advance will not only help you plan in advance but will also ensure that you stay safe in testing times.
3. How Much Does My Business Insurance Policy Cover?
Another important point you need to discuss with your business insurance broker is what does your business insurance policy actually cover?
Most insurance companies will have either type of payment limitations in place. The first one is the aggregate limit which is essentially the total amount the insurance policy will pay you after adding up all your claims.
The second one is a per-occurrence limit, where the insurance Company puts a limit on how much amount you can receive per claim. Although these limits tend to vary between insurance companies, they are largely determined by the size of your business, your claim history and the risks your business is currently exposed to.
As stated earlier, business insurance policies tend to vary between companies; however, it is important for you as a consumer to understand the various intricacies involved with each policy. This will ensure that you are not left in the dark during an emergency and most importantly you can negotiate for the best deal when you are subscribing to an online business insurance policy from Beneficial Insurance Solutions.