Insurance brokers can help you establish your needs and advocate for you in front of the insurance companies to ensure you’re getting the best value for your investment. This is why it’s always recommended that if you’re planning to buy an insurance policy, instead of approaching the insurers directly, you should take the hands of an insurance broker. This is especially true if you’re not well-versed with the insurance world.
But to make sure your association with the insurance broker is beneficial for you, you should ask them the right questions, understand their answers, and then make an informed decision. Here are 3 questions you should ask your insurance broker in the first conversation:
1. What kind of liability insurance policies businesses like mine should have?
There are many types of business insurance. Depending on various factors like your business type, industry and target audience, you may have to invest in several of these liability insurance policies.
The insurance broker here will help you establish your needs and risk exposures. Accordingly, they would provide you with advice and recommendations on the types of liability insurance policies you should purchase to optimally protect your business, yourself, and other relevant stakeholders against legal claims.
2. What insurance policies won’t cover?
Every insurance policy has its limitations. The coverage isn’t absolute. After you have figured out the kind of liability insurance policies your business needs, time to find out an important part: what those policies won’t cover?
Many business insurance buyers don’t pay much attention to this column – only to end up surprised when someone indeed sues them. So, when buying any policy, you want to have a clear understanding of what insurer won’t cover.
3. What kind of group insurance for small business employees I should buy?
Providing health benefits to your employees is important. It has many benefits, both for them, as well as for your business. For instance, insuring their health can improve their performance and productivity. This can subsequently help your business drive better results.
So, provide them with health insurance. Now, of course, buying group insurance is a challenge in itself. There are many factors to it that should be considered. This is something you should discuss with the insurance broker. Based on your financial standing, they can help you buy a fitting group insurance from any of the best small business insurance providers that provides maximum coverage at a lower premium.
Conclusion
These are three questions you should ask your insurance broker in the first conversation. Of course, if you have any query or confusion, you should ask more. In the end, the more informed and educated you are on the subject, the better it would be in making the most of business insurance policies.
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Commercial general liability insurance covers are quite essential for many different types of businesses. So, if you’ve decided to buy it, great! But before you rush to make any financial commitment, it’s important to have a fair idea of the insurance itself and how it can come to your aid. In that context, here are 3 things you should know before buying commercial general liability insurance:
1. What it doesn’t cover?
Every business insurance policy comes with its own set of limitations. This one has its limitations as well. It’s important that you’re aware of what your commercial general liability insurance won’t cover so to avoid any surprises (and disappointments) in the future.
Among things the insurance won’t cover includes product guarantee, liability for fines or punitive damages, deliberate non-compliance with statutory provisions, copyright infringement, war risks and terrorism. Ask your insurance company what your commercial general liability insurance plan won’t cover.
2. Is it sufficient?
Sufficiency here means several things.
One, is the amount insured sufficient? Depending on the risk exposures, you may need a bigger coverage.
Two, is the plan sufficient to cover your needs or should buy other add-ons to make the plan more comprehensive?
Third, is this insurance policy sufficient to protect your business against possible legal claims? Usually, companies need more than just one liability insurance. Depend on your needs and various other factors, you should also invest in directors and officers liability insurance and other types of business insurance.
3. The terms and conditions
Insurance policies come with numerous terms and conditions. Many buyer overlook them, reluctantly buying the policy without being fully aware of the benefits and restrictions of the policy they are buying.
Don’t be one of them!
Before buying the commercial general liability insurance, make sure to read all the key terms and conditions. Consult an experienced insurance broker to get more insights. The more educated you are, the more benefits you can avail from the policy.
Conclusion
These are three important things you should know before buying a commercial general liability insurance policy.
Of course, there are plenty of more factors you should consider to ensure you’re buying the right insurance plan from a good insurance company. Get in touch with an insurance broker, tap on their expertise, and make a good investment that adequately shields you, your company and other relevant stakeholders against legal claims by a third-party.
More people are now steering to start their own consulting business. And there are good reasons why! There are no tangible products; the cost of set-up is virtually non-existent if one plans to do it online. Plus, there are no additional resources required. You have a set of skills or expertise – and you offer it to others in exchange for a price.
But that said, even though it may all seem simple, ensuring growth and profitability has its challenges.
Of course, there are plenty of things you need to be taken care of when starting and running a consulting business. Here are three essentials though that you should prioritize atop:
1. Strong Relationships with relevant stakeholders
The secret to a successful and sustainable business is people and the relationship you share with them.
Yes, customer retention is cheaper than acquisition. So, you should ideally focus a lot on the former. But there are more than enough reasons why building lasting relationship with people you work with/for is important; word-of-mouth marketing and referrals are just a few of those reasons.
So, make sure that in addition to offering a good consultancy solution, you also deliver your clients/customers a good experience.
2. Small business insurance
Those who offer professional services, they must buy professional indemnity insurance. It is a type of small business insurance India that protects the service providers against legal claims made by a third-party.
For instance, if you provide advice to your client that results in them sustaining bodily injury or damage to property – they may decide to sue you. There are various other reasons they may sue you for.
Remember, even if their claims are weak, you would still incur a cost of pursuing the legal cost; meaning, you would still have to pay legal fees and other charges that you should sustain to defend yourself.
So, professional indemnity insurance can protect you against such claims, covering all the relevant legal costs, as well as other charges. This is why you must have this insurance policy.
3. A defined growth plan
A passive approach rarely delivers the desired result. So, if you want to grow your consulting business, adopting a passive approach is a big mistake. Instead, you need to be proactive in ensuring your business is growing every month – even if it’s just by a small margin. You need a consistent growth trajectory.
Having a defined growth plan is essential. This plan will have outlined milestones you should achieve and the steps you should take to achieve those milestones.
If you don’t already have one, take some time and create a 2-year growth plan.
Conclusion
As mentioned earlier, there are many things you are to take care of to run and grow your consulting business. The three mentioned ones are the essential ones among them that will ensure your business is safe, secure and consistently growing. Work on them, take the needed steps, and see your business flourish.
Good luck!
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