When you plan for your business, the first thing you would do is cutting down on stuff that you may find is not needed for your business, at least for the time being. However, while you do this, you cannot leave out having a business insurance policy. Rather than doing this, what you can do is buy a cheap policy that at least offers you some coverage, in case your for the business facing any disaster, be it natural peril or human error. You can manage to allocate some amount for a business insurance policy, when you cut down on useless expenditures and plan every single penny before you put it in use.
You own a business; you need a policy that comes with a comprehensive business insurance package that provides broad coverage for all perils that may expose your business to liability while operating. There is no other way around this fact. There are times when you cannot control many expenses. But, having an insurance policy for your business is needed for the working of your business legally. Buying the right type of business insurance will shield your business better as well as the other related things such as employees, assets, and third party contractors. This will ensure that even in case of emergency or peril, your capital/business money will remain safe to a large extent and you will be able to resurrect your business without many problems as claims would be paid by the business liability insurance policy.
In case you think that business insurance is always expensive and you have been paying heavily for premium of your policy, then hold for a second. You can get a good policy that is classified as a cheap and affordable business insurance policy in Canada by speaking to a company like TD Canada. What it asks for is a little commitment from your side. It does not take lots of time, but still you need to spare some hours for extended research about various available business insurance policies and what premium is associated with each. When compared on the basis of canadian insurance companies providing the policies to united states, you can expect to pay much less as Canadian insurers are generally more competitive and reasonable with policy limits!
To get an idea of what you would be paying, you can expect to start off by paying around $500 a year for the basic $2 Million insurance coverage. This number depends on the type of business, claims history, revenues, and a few other factors. Do not be scared of high premiums as insurance companies are usually up for negotiation. Saying that, you can’t negotiate with the insurance company, only a licensed broker can. So it’s always best to get connected with a licensed insurance advisor before purchasing insurance.
If you go to the insurance company directly, you would have no idea if they are quoting you higher than what they quote a broker approaching them for the same type of business. On top of that, brokers get paid for servicing you so they are the best source to get quotes. Their commissions keep them motivated and keen on getting you insured. The only way they can successfully do that is by providing you a policy that covers your business while being competitive on premiums.
So as you can see, its a win-win situation for both parties if you have a dedicated insurance broker on your side. Another reason to use a broker would be if you are a price sensitive buyer, you will definitely need comparative information to come up with a cheap policy that fits your budget easily. You can’t do this alone, it’s not worth the time nor do you have the resources to find the right policy.
When you take some time to do this job, check out if your commercial general liability insurance provider offers you any sort of discount if you get multiple insurance policies from the same provider. However, do check if it actually leads to some saving you some dollars for your commercial insurance rather than the broker trying to bundle some useless coverages to show you that you are saving money when you actually do not even require coverages that are being ‘thrown in’.