Identifying the Type of Business Insurance You Need

​When getting insurance, you need to research and need more insight. The research is not limited to the insurance offer and the issuing company but more to your business’s need. Here’s how to identify insurance your business needs:

Startup or Established?
First, you need to check how long have you been in business. Established business must have at least the necessary insurance coverage already under expenses, whereas startups may still be figuring out which insurance to buy. 

The established business might already have a property and general liability insurance, as it is expected that their business is bigger. Some may also have commercial auto insurance if they own at least one vehicle, what more if a fleet? If you already have a business and you might have missed some insurance coverage given above, then you can try to get them.

Startups may vary. Depending on their starting assets and capital, it is wise to get the necessary insurance coverage like from the established. But if you miss some things, like a vehicle or your property, you can forego insuring such and focus more on specialized coverages. 

Startups are commonly found in garages, co-working spaces, and apartments. They invest heavily in their equipment. That is why it’s smart to have those items insured. In the moment of a breakdown of these essential items can be catastrophic. Some equipment insurance may cover for replacement or repair costs, so you don’t need to fret if worse comes to worst. 

Do a SWOT Analysis
Have a SWOT (Strength, Weaknesses, Opportunities, and Threats) Analysis for your business. Check what you lack, what needs improvement, what should be sustained, and foresee external offers and threats. Do not limit your SWOT with the business process. This time check your inventory regarding the business’ personal and real property and workforce. The things that you may lack may need insurance coverage, or things that you already have might need one now.

Talk With an Agent
Regardless of your business’s age, an insurance agent would be the best one to identify which insurance plan will best work out for you. These individuals are educated and trained through experience how to financially secure your property. You can ask for quotes, deductibles, and other ways to lessen your cost with insurance that might fit your lifestyle. 

Conclusion
Identifying the insurance, you may need for your business can be easy. You need a proper inventory of all your things, determine their importance to the company, and how can you secure them. Of course, nothing beats expert advice.

At Arnold, Bruce & Doerfler Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (503) 222-1951 or Click Here to request a free quote.