Which Business Insurance Company Should I Choose

As a business owner, you have more important things to worry about than paperwork, right? What if that paperwork determines whether you will be in business after next week's flash flood? That's why it's important for every on-the-go business owner to spend a little extra time investing in an insurance company they can trust.

1. What is the Company's Reputation? — If you have never heard of the insurance company, chances are you won't hear from them again. Additionally, if you've heard one complaint about them, there are probably dozens, or even hundreds more that you haven't heard. Ask colleagues throughout your field where they buy their business insurance and why. Good word of mouth is usually backed by good service.
2. What is the Financial Status of the Company? — Your main concern in choosing a business insurance company is whether they will have the funding available to fulfill your coverage. If the company has rates extremely lower than its competitors it most likely has low coverage as well, meaning you will be stranded if you ever need to file a claim. If you are having a hard time determining the financial status of the company, you can research them at one of a dozen insurance rating systems, including A.M. Best Co.
3. How Experienced is the Company? — If the company has no experience in your profession, then they are not the company for you, plain and simple. You should be able to find a company that has dealt with your profession by networking with your colleagues or by getting in touch with your trade association.
4. How Long Did it Take to Get Your Quote? — If it takes two to three days to receive your quote from the insurance company, don't think it's going to get any better once you become a customer. In reality, it will probably get worse. Just think how long it might take to file a claim with them. You should expect and even demand the best service from your insurance company. After all, you are paying for it. And if they're not willing to provide you with excellent and prompt service, they don't deserve your business.
5. Did They Include Your Recommendations? — If your quote or proposed policy comes to you and includes none of the suggestions you made, you should go to another company for help. If the company and its agents are not willing to listen long enough to adequately identify and resolve your needs, they will not be able to handle your policy in a professional efficient manner. Business insurance is very tricky for many owners and it is essential to find an insurance company that will strive to learn about and meet your unique needs.

Remember, every profession is different, and therefore, requires something different in terms of insurance. It is important to find an insurance company that specializes not only in your profession but also seeks to meet your unique business needs.