How to choose business insurance.

How to choose business insurance.

January 25, 2022
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HOW TO CHOOSE BUSINESS INSURANCE
 
Finding the right coverage starts with finding an agent that is knowledgeable about your industry and business insurance. Next you and your agent should begin assessing your needs and identifying the risks associated with your business. Insurance isn’t one-size-fits-all. That’s why McDaniel Insurance offers business insurance policies tailored to meet your specific needs. Whether you own a restaurant, an apartment building or a construction business, our custom solutions are crafted from years of experience protecting businesses like yours.
 
Here are some of the most common business insurance policies, and why you shouldn’t overlook them:
 
Commercial auto insurance: Whether you rely on a single car or a large fleet of vehicles, commercial auto insurance is something many businesses need. This coverage can protect your business against claims for bodily injury and property damage caused by a covered accident arising out of the use of a company vehicle.
 
Commercial property insurance: Commercial property insurance helps protect the building or physical location you work in, whether it’s owned with property coverage or leased with liability coverage for damage that’s your fault. It could also replace damaged or stolen assets like equipment and product inventory. Some policies, like business interruption coverage, can even help recover any income you lost while your doors were closed due to a covered loss.
General liability insurance: While specific liabilities may vary from business to business, a general liability policy protects you against covered claims alleging bodily injury or property damage.
 
Employment practices liability: Legal issues stemming from alleged discrimination, wrongful termination and harassment are growing concerns for today’s small business owner. With Employment Practices Liability Insurance (EPL) coverage from ERIE, you can choose the protection that best fits your needs to help cover the costs of a lawsuit — even if the charges aren’t true.
 
Business data breach coverage: Tech companies aren’t the only ones vulnerable to hacking and data breaches. Whether someone steals your customers’ credit card numbers or your employees’ tax information, it can wreak havoc on your business. If you’re a business owner data breach coverage is a worthwhile addition.
 
Workers' compensation insurance: Often referred to as workers’ comp, this policy is legally required in most states if you hire employees. It helps cover medical care and lost wages for an employee who is hurt at work and cannot return.
 
Business umbrella insurance: An dditional layer of coverage gives you extra protection and peace of mind above and beyond your commercial general liability, professional liability, business auto liability and employers liability insurance.
 
HOW TO SAVE ON BUSINESS INSURANCE
 
Many times, cutting back on your business insurance coverage can expose you to far more risk than the premiums you’ll save are worth. If you’re looking for savings, here are some tips to help keep costs in check without sacrificing protection:
 
Review your policy annually. Meet with your local ERIE agent, McDaniel Insurance, to review your policy each year and make sure your coverage is up to date. A policy review can help ensure every asset is accounted for, and that every opportunity for savings is taken advantage of.
Maintain proper employee classifications. Employee class codes have implications, especially in dangerous work environments. Make sure that you and your team are accurately classified to save money and protect your workers.
Keep coverage during every season.
Bundle your coverages. Many insurance providers offer savings when you purchase multiple policies with them. Take advantage of multi-policy discounts, get more comprehensive protection and ease the claims process by bundling business insurance with one provider.
Create a safer environment. Train and educate employees on workplace safety to help reduce rates and liabilities. (Bonus: We offers risk control services to help advise businesses on ways to improve processes and safety protocols.)
Upgrade your security. Find weaknesses in your physical and digital security systems. Decreasing the chances of a break-in or data breach could help reduce payments and stop an incident from happening in the first place.
Pay annually. If you can afford the upfront cost, consider paying your insurance premiums annually. You’ll skip fees that might be associated with monthly payments, and you can relax knowing you have year-round coverage and one less bill to worry about.
Add endorsements. Endorsements can help address coverage gaps for sometimes pennies on the dollar. Ask our agency which endorsements would benefit you the most or bundle well with your current policy.
PROTECT WHAT YOU’VE BUILT
You’ve worked hard to make your business what it is today, and you deserve someone who understands how to help you protect it. McDaniel Insurance is there when you need them most and can build a customized package tailored just for your business insurance. .Contact us know to find the coverage you need with nothing you don’t, all at a great value.