How do you determine what your needs are?
All companies are different. Home-based businesses may have different needs than a traditional brick-and-mortar company with a shop on Main Street. However, all have a need to identify potential risks that they want covered.
Shop the market for Property & Casualty coverage just as you would shop for any other essential business need. Ask questions. Compare pricing and insurance requirements. Align your needs with an affordable product that can best fill those needs.
- Consult a licensed insurance agent and a trusted advisor to review your coverage options and competitive quotes from insurance carriers.
- Consider the factors that impact your specific insurance requirements.
- Choose what you want insurance to cover (your building? machinery? furnishings? customer injury claims?) – and what you probably shouldn’t insure.
Keep in mind:
Workers’ compensation coverage is mandatory in most states for virtually all kinds of businesses, even if a business is home-based.
Next Question: How does a business normally purchase PC coverage?