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4 Steps to Buy Business Insurance

Buying insurance for your business can be an overwhelming task. How much do I need? What coverages are needed to satisfy legal requirements? Who can I trust to explain what all of these coverages mean? These are all questions that can, and should, be answered by a reputable insurance agent. This leads us to our first step.

  1. Find a reputable licensed agent

    Commercial insurance agents can help you find policies that match your business needs. They receive commissions from insurance companies when they sell policies, so it's important to find a licensed agent that’s interested in your needs as much as his/her own.

  2. Assess your risks

    Think about what kind of accidents, natural disasters, or lawsuits could damage your business. If you need help, the National Federation of Independent Businesses (NFIB) provides information for choosing insurance to help you assess your risks and to make sure you've insured every aspect of your business.

  3. Shop around

    Make sure that your agent takes your business package to as many carriers that will cover it. Prices and benefits can vary significantly. You should compare rates, terms, and benefits for insurance offers from several different carriers.

  4. Review your package every year

    Insurance companies change their “appetite” every so often. If you stay with the same carrier, and don’t check out other companies, then you could be paying too much premium. It is a good idea to sit down with your agent and go over your policy every year, before renewal. This way, you can make sure that your coverages are correct and that your premium is calculated correctly. As your business grows, so do your liabilities. If you have purchased or replaced equipment or expanded operations, you should contact your insurance agent to discuss changes in your business and how they affect your coverage.

If you are currently in the market for business insurance, contact us and we can help walk you through the process painlessly!


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Eric Mikolai

Eric owns and operates a small independent insurance agency in Eureka, CA. He has a Bachelors Degree in Business-Marketing and enjoys spending his time with his family. Eric also spends his free time giving back to the community through volunteer service. He is a Lions Club member, High School wrestling coach, serves on both of his daughters school PTO Boards, is the acting President of a mental health non-profit board of directors, 4-H Leader and much more. Through his insurance career he has learned to keep his clients and prospects needs first. Be sure to check out his blog posts for the latest tips on anything and everything you might need to know about business insurance!