Facts Every Company Owner Should Know About Business Insurance

7/16/2019 (Permalink)

Protecting your Mesa, AZ, business from fire, flooding and other disasters with commercial insurance is probably a high priority for you.

Protecting your Mesa, AZ, business from fire, flooding and other disasters with commercial insurance is probably a high priority for you and one of the most effective ways to guard your investment. However, if you only recently stepped into the world of entrepreneurship, you may not be familiar with business insurance or how to purchase a policy that suits your company’s needs. Before you sign on with an agent, you may want to first understand some important facts about coverage so you can make the best policy choices possible. 

3 Facts About Business Insurance

1. Location Matters 

When you first start to browse insurance for your business, it is important to consider the building’s location. Crime rate, the availability of fire crews and possible flood risk may all be factors in what you pay for your policy. For example, if your building is in an area at or near sea level or near a large body of water that is capable of flooding, your policy may be costlier than one for a building with a lower risk. 

2. Consider Your Building’s Construction

The overall construction of your building can affect the details of any commercial insurance policy you are offered. If you have only recently purchased a building and want to make some improvements and additions, it is important to discuss them with your insurance agent first. Using flame-retardant material and having your building’s fire risk gauged by a fire damage and restoration company can lower the cost of your premiums. 

3. Employment Risks May Affect Premiums 

The type of business you run may affect the type of coverage available to you. For example, if your employees perform high-risk work with machinery, such as a deli, you may need to buy additional insurance to cover them as well as the building. You may want to let your agent know about any possible dangers so you can purchase coverage that suits you. 

Finding the right commercial insurance for your Mesa, AZ, business can be a challenge. However, when you understand a few basic facts about how to find the right policy, you can have peace of mind that your building and property are covered.