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Finding the right business insurance partner: 4 essential qualities for comprehensive coverage

You’ve invested energy and capital into your thriving business. But in today’s rapidly changing world, a crisis could happen in your business instantly. You could lose your brick-and-mortar in a fire. You could have an on-site injury. A cybercriminal could compromise your information.

Whether you run a thriving e-commerce shop or a bustling farm operation, finding the right commercial insurance partner for your business is essential.

Navigating the world of commercial insurance can be overwhelming, but you don’t have to tackle it alone. The key? Finding a trusted insurance agent can transform this process.

Here are the top four qualities you should look for when finding the best coverage for your business.

1. Personalization

There are no one-size-fits-all solutions for insurance. Even businesses in the same industry can require different insurance policies, like business vehicle protectionscyber security risks, and more.

That’s because your unique business sets you up for unique risks.

As a business owner, the last thing you need is to wait endlessly on hold to talk to an insurance provider with thousands of other clients. You need to partner with an experienced agent who can tailor business insurance recommendations for your specific operations.

An insurance partner can also help you avoid blanket policies that don’t cover the most important claims. For example, general liability insurance covers some of the most common and expensive claims, like physical damage to your business. But commercial liability insurance can protect you if a customer trips in your store or an advertising campaign infringes on copyrights.

You want to work with someone who understands you and your business to build the right coverage. As you integrate new insurance policies or change providers, look for an insurance agent who can personalize your experience and policies to you.

For more, please read our guide about business owner’s policies (BOPs) vs. custom business insurance policies.

2. Team-orientation

Any insurance, from business interruption to key-person insurance, is vital to keep your business running and protected. That’s why business owners need to consider their insurance provider part of their core team, like a lawyer or tax advisor. In this same way, you should think about hiring an insurance professional as a long-term relationship.

As you expand your protection, you want to partner with someone who can get in the weeds with your business and be on-call when you need them. Team-oriented insurance providers that actively collaborate with your business can also offer exceptional services, like proactive risk assessments, regular policy reviews, and timely claims handling.

You also want to work with an insurance provider that reflects that in their operations, like insurance agents working directly with customer service to deliver the best experience for you.

3. Translation

Other how-to blogs about commercial insurance will advise you to take stock of your risks to decide which insurance you need. But this is not secure advice.

You are certainly the expert in your business, but remember that insurance and risk are both incredibly complex. And bringing insurance into your operations, or changing insurance providers, goes beyond identifying risk for your business.

Insurance professionals are experts in spotting pain points in your business that could leave you vulnerable. And you want to work with someone who can teach you what needs to be covered, what exactly is in your policies, and how that sustains your business.

Insurance professionals focused on comprehensive learning can help you understand complex insurance terms, coverage options, and policy details in an easily understandable way and applicable to your business operations.

4. Up-to-date experts

Insurance is a fast-paced industry. Risk evolves with new technologies, market trends, and regulatory changes. You need to focus on running your business, which is why you need to partner with an insurance professional who can keep up with the changing tides.

The benefits? Up-to-date insurance providers can build customized policies based on changing risks. It’s also a competitive advantage, providing innovative coverage options and top industry insight. You’ll stay protected, even in a rapidly changing world.

Summary

Insurance is essential to your business operations, but you don’t have to figure it out alone. With the right insurance partner, who wants to get to know your enterprise, be on your team, educate you, and stay up-to-date, you can focus on running your business.

The best place to start? Contact an insurance agent. Bank Midwest Insurance can answer your top-of-mind insurance questions.

Post updated. Originally published May 2023.


 

Are you looking for more advice for protecting and growing your dream business? Listen to Dream, Plan, Live: the Bank Midwest podcast for more tips from the business experts in your community and at Bank Midwest.


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