Starting a new business requires hard work and attention to detail. At the same time, taking that leap is ambitious and thrilling! When you’re planning and preparing, don’t neglect sitting down with us to get you set up with all the commercial insurance policies you’ll need almost immediately. As you start your business, it’s important to cover yourself and your team for the potential risks that come with it. As a business owner, if you don’t have insurance coverage, you’ll have to pay out-of-pocket for any damages or legal claims made against you and that’s the last thing you want when starting up. Here’s a list of some of the startup insurance policies you may need:
- Business Owner’s Policy
- General Liability
- Commercial Property Insurance
- Worker’s Compensation
- Commercial Auto
- Commercial Flood
- Commercial Umbrella
- Professional Liability
How much is that going to cost?
As with many things, it depends. It depends on your business type, the number of employees you have, the number of company vehicles, and where your property is located. The insurance rates vary by industry because higher risk businesses, like those with heavy equipment, will likely pay higher premiums.
It’s important to be mindful of the deductibles that come with these policies, as that should be included in your calculations. Your deductible is the amount you will pay out of pocket for a claim before your insurance company will cover the rest (up to the policy limits). A higher deductible can save you money on your premium, but you’ll pay more out-of-pocket if you need to make a claim or you can go with a lower deductible for less out-of-pocket up front, but for a higher monthly premium. Your decision will depend on your needs, your risks factors, and your monthly budget. Remember, you’re not having to make these decisions ill-informed and completely alone. Shields Insurance is here to help with all of your commercial insurance needs.
There are ways to help lower the cost for your startup’s insurance including bundling policies, driving safely or requiring your drivers to take classes like “defensive driving”, and looking for discounts (which is something we can help with).
We know the next question on your mind is likely “That seems a lot of policies…can I afford it?” And the real question is- can you afford NOT to? It may seem like a lot to add to your budget, but an unexpected accident or disaster could financially ruin your budding business. We can help prevent that with insurance that protects you, your business, and your employees. Insurance is protection. We want your business to thrive and grow, without worry of the unknown.
One of the biggest parts of starting a business, is getting protection through commercial insurance policies. Shields Insurance in Birmingham and Mobile, AL is ready to find the right amount of coverage for you, your employees, and your company. Let’s sit down and discuss your needs. Give us a call at 205-880-2251.