Purchasing Business Insurance Shillington PA-What You Need to Know


Disaster can strike at any time. When it does, is your business prepared? If the disaster is big enough, it can force you to shut down your business as you don’t have the means to recover. Insurance is designed to mitigate risk in situations such as this. Some companies feel it is worthwhile to reduce or eliminate insurance in times of financial difficulty, but this is one of the worst things that can be done. Every company should have Business insurance Shillington PA in place at all times.

Business insurance Shillington PA covers general liability, such as malpractice in doctors, as well as acts of God. If a tornado strikes and destroys property belonging to your customers, the insurance covers the damage so your company doesn’t have to. Discuss with an insurance agent which types of policies are required in your state and which are optional. Worker’s compensation is mandatory and you may need disability insurance, although most states don’t demand this.

Understand what will and will not be covered under your policy also.

Be aware that the standard insurance policy doesn’t cover lost profits, only damage to the business. If you wish to have insurance to cover you in the event your business must be closed for a period of time, business interruption insurance covers the money you lose during this time. Disability insurance may be purchased to pay you in the event you become ill or disabled and can no longer run the company. Other policies may be offered and you choose which to purchase, depending on what you feel is most important to your company.

When purchasing business insurance, it is best to buy all policies from one company. Doing so may save you money and also ensures one agent knows what is covered and what is not. Purchasing insurance from different companies may leave you with gaps in your coverage or double coverage that you are paying too much for.

Having one agent makes it easier to do a risk management analysis annually so you know you are covered at all times. When choosing an agent, it is best to choose one with experience in your industry also for the best results.