How to increase insurance agency retention
Many small business owners rely upon their personal insurance to cover their small business. This is, especially true, of home business owners. However personal insurance is not designed to cover a business, and if you do need to make a claim, you may find yourself under insured, or even uninsured!
For instance, your home property insurance may have a limit of a few thousand dollars for the contents of your home. If you have computers, other business machines, or especially, business records, a loss can be much larger. It would be tragic to have an accident or damage to your home that also destroyed your business assets, and then to find that you cannot make a claim to cover your business loss.
Another common example is for auto insurance. If you bought a personal insurance policy several years ago, you may not remember the mileage or use you claimed. If you claimed that your mini van was only used for errands and soccer games, and then had an accident while using that vehicle to transport business supplies, the insurance company may have a reason to deny the claim!
Many small business owners even allow employees to use their personal cars for business. But if an employee is involved in an accident while doing your business, can you rely upon their auto insurance to cover it? This is a risk you probably do not want to take.
Now you may be able to go back and adjust your personal auto insurance policy to include business use, or you may need a commercial insurance policy.
And if you do business, you are always vulnerable to liability claims. If you do not have proper business liability insurance, one cliam can ruin your business. Even if your business is innocent, the cost of lawyers can run into thoousands of dollars. When you have a liability policy, you also have an insurance company who will work on your side to fight claims.
You really need to look into the common types of business insurance. Commercial car insurance, business property and liability insurance, and if you have employees, workers comp insurance, are three policies you should look into.
If your business depends upon the talents of one or more key employees or partners, a key man life and disability policy can protect you from ruin in case of a death or accident. Personal group life insurance provides a benefit that will attract and retain quality employees too!
And of course, we can hardly talk about business insurance without talking about group health plans. Now if you are the only employee of your small business, you will not be able to get a group health plan. You must take out an individual policy or rely upon a spouse’s health plan.
However, if you have two or more employees, you can find group health insurance. You need to look into the need for a business health benefit plan. A good group health insurance plan can be the one benefit that qualify employees are looking for, but it can also be a major expense for your business.
Watch the video related to types of business insurance
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Help answer the question about types of business insurance
I need business Insurance for a small business selling desserts.?I am having trouble finding companies online. Can you please provide me with some good companies that provide insurance for my type of business? Phone numbers, websites etc.
Thanks!
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Learn about the common types of small business insurance, and then get a quick business insurance quote.
Also find out if you need commercial car insurance for your own small business.
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Posted by American Car Insurance on May 2nd, 2010 filed in business insurance | 13 Comments »
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Link Partner
May 2nd, 2010 at 3:53 am
Hope the video that is sent to clients uses some back lighting. This one sure doesn’t.
May 2nd, 2010 at 5:18 am
What a great video! You have some great ideas! That’s funny… they call me “RETENTION Rachel” mwahaha
May 2nd, 2010 at 4:51 am
IF the only thing you're renting is the space, you need "owner, landlord & tenant" style general liability. If you're ALSO renting the chair to them, you'll need a rental equipment liability type policy, and you might want to insure the chair, also.
A local agent can get you set up with the proper coverage type.
May 2nd, 2010 at 5:26 am
May 3rd, 2010 at 2:55 am
AWESOME!
May 2nd, 2010 at 8:59 pm
maddogg, Life insurance covers lots of different things. Since I'm from Alabama I'm not familiar with the Illinois laws and regulations, so I recommend you visit a local insurance agent. http://www.easylifeinsuranceguide.com/Illinois-Life-Insurance.html They should be able to assist you.
May 4th, 2010 at 12:36 am
May 5th, 2010 at 3:13 am
We have a catering company in San Diego. We called a couple of companies that sell business insurance and found one pretty easily. You need to ensure that you have liability insurance, to protect yourself. We have a $2 million policy, but you may or may not need that much, depending on your area, your volume etc. Also are you an LLC?
Another possibility is to try any good insurance agent, or friend and ask for a referral. Your accountant may know of one, as well. Call a restaurant or deli owner or manager in your area for a referral, but do it during off peak times.
Don't get hung up on the type of business. Call a couple of business insurance agencies and tell them what you are looking for. Good luck!
May 5th, 2010 at 4:14 am
Five types of International Business Insurance? I am going to assume you mean coverages that are used all over the world, here is a list of a few,
Commercial Automobile
Commercial Property
Inland Marine
Marine Coverage
General Liability
Hope this helps, good luck to you!
May 5th, 2010 at 7:42 am
Likely you'd need a commercial auto policy – retail class, which is VERY expensive. Plus, you couldn't do errands with people in the CAR, unless you get a public AUTO policy – limo class, even more expensive, and pretty hard to get.
You MIGHT have to have a PUC filing in your state for this, I'm not sure. Then you need an "inland marine" policy (sometimes called cargo coverage) to cover the stuff in your car tht belongs to other people.
And workers comp if you have any employees.
May 5th, 2010 at 3:01 pm
Thats funny, thanks guys
May 5th, 2010 at 9:10 am
Farmers WILL do it. Call….
Juan Betancourt
5531 W Cermak Rd # D
Cicero, IL 60804-2218
Phone: (708) 863-1750
Fax: (708) 863-1749
jbetancourt@farmersagent.com
Or
Alma Rodriguez Agency, Inc.
6932 Windsor Ave
Berwyn, IL 60402-3335
Phone: (708) 795-4444
Fax: (708) 795-4447
arodriguez3@farmersagent.com
Don’t worry its not me I looked this up on http://www.Farmers.com and yes I know 90% they do. Every senior and state is different try call. I have the link below and you can look up another agent.
May 5th, 2010 at 1:11 pm
You need to sit down with a local, independent agent. Likely he's going to recommend several policies – workers compensation for sure, general liability, commercial property coverage including an equipment floater, and commercial auto coverage.