Insurance is complicated. So we've put together a list of things to keep in mind that will help make your insurance-buying process easier. Here are seven helpful things to know about your small business and its insurance…
- Commercial Insurance is usually tax-deductible.
- You may be required to purchase certain amounts of insurance by law or contracts you've entered into.
- Before buying your Property Insurance, figure out how much property, equipment, and supplies you own or lease.
- You should be ready to expand your coverage as your business expands.
- Business Owner's Policies can offer you a way to save money on your General Liability Insurance and Property Insurance.
- Insurance companies are rated for your protection.
- More expensive insurance does not necessarily mean better protection for your small business.
1. Commercial Insurance Is Usually Tax-Deductible for Lawyers, Travel Agents, Employment Agencies, Truckers, and Other Specialty Service Companies
Some good news! It's true. Most commercial insurance policies are tax-deductible. They qualify as the necessary expenses you need to do business. This includes…
- General Liability Insurance.
- Property Insurance.
- E&O Insurance (Errors & Omissions / Professional Liability Insurance).
- Workers' Compensation Insurance.
When you file your taxes, you'll be able to save a little money by deducting the amount you spent on insurance premiums.
2. Double Check What Insurance You Are Required To Have for your Law Firm, Medical Billing, Pet Grooming, or Specialty Service Business
You may be required to have certain amounts of insurance based on…
- State laws for Workers' Compensation. Most states require a certain amount of Workman's Comp Insurance to be carried by businesses.
- Office lease agreements. Often, your lease agreement will specify that you carry a certain amount of Property Insurance and / or General Liability Insurance.
- Other contracts. Any of your other contracts may require you to purchase business insurance. If you lease equipment, you may be required to have Property Insurance to cover the cost of damaged equipment.
Double check your contracts and make sure to get the required amount.
3. Know Your Property: Advice for Lawyers, Travel Agents, Employment Agencies, Truckers, and Other Specialty Service Companies
Before purchasing Property Insurance, you'll need to know your assets. Take an inventory of your business and figure out where you stand in terms of…
- Offices / Building.
- Equipment (leased and owned).
Having a specific idea of how much equipment, supplies, and inventory you have will make it easier for an agent to give you suitable business insurance.
In addition, you should tell your agent if you plan on making any big purchases or moving offices in the near future.
4. Be Ready to Expand Your Coverage as Your Business Expands: Umbrella Insurance for Lawyers, Truckers, Employment Agencies, Notaries Public, Authors, and Translators
You're probably ready to buy the first coverage your business will have. Congratulations on growing your business to this point!
From now on, you should take a yearly look at your business from an insurance perspective. Your business will grow. You'll add new employees, property, and equipment. You'll also add new liabilities.
Each year, ask yourself if you need to expand your coverage to make sure you've covered your new additions.
One easy way to expand your coverage as you go is to purchase Umbrella Insurance, which increases coverage to three of your policies…
Umbrella Insurance policies often cost only a few hundred dollars in annual premiums. So as your business expands, you can add coverage in a cost-effective way.
5. Save Money with a Business Owner's Policy for Your Travel Agency, Employment Agency, Medical Billing Company, or Law Firm
Many of our customers, whether they are travel agents, lawyers, or employment agencies, are able to save money on their General Liability Insurance and Property Insurance by purchasing a Business Owner's Policy.
A Business Owner's Policy (or BOP) bundles these two insurance policies together and usually offers a lower premium on each. It's a discount that most insurance companies offer small businesses like yours.
Not every small business qualifies. Insurance companies have to deem your business "lower-risk" which often means you don't operate your business on large premises, work in a dangerous or risky industry, or need long-term Business Interruption Insurance.
Many of our customers find Business Owner's Policies a good way to save money on two of the basic insurance plans they need.
6. Insurance Companies Are Rated For Your Protection
Insurance companies are like banks. People give them their money and they are only good as long as people can get money back when they need it. For this reason, they are rated on the strength of their financial situation. An insurance company with a high ranking has excellent financials and is not at risk to become insolvent.
As in high school, the best ratings insurance companies can get are A's. Insureon partners with some of the country's most respected A-rated companies to make sure your business gets excellent coverage. If you have any questions about the quality of an insurance company, feel free to ask our agents or check the company's rating.
7. More Expensive Policies Do Not Necessarily Provide Better Care for Lawyers, Truckers, Authors, Pet Grooming Companies, and Other Professional Service Companies
There are many factors that can increase a policy's cost without increasing its coverage. Some policies will offer coverage that is unnecessary for your business. Including this unnecessary and unhelpful coverage increases the cost of your premium without offering you anything more.
That's why at insureon, we specialize at matching your insurance policy to your individual situation. This is why we work so well with the more than 30,000 small businesses we've already insured. We get them covered with the insurance they need without any of the extra frills.
Many of our customers find that if they go to an insurance company on their own, they aren't able to get the rates that we do. That's because our agents work with insurance companies every day. We get discounts because we know them and bring them a lot of business.
Insureon: Insurance Agents Specialized in Your Industry
Insureon's agents are trained to understand the liability and insurance concerns of your industry. When you contact one of our agents, you'll get an expert in small business insurance for lawyers, employment agencies, medical billing companies, and any number of other specialized service industries.