Have you ever stood in front of the cereal aisle at the grocery store staring at the huge variety of options only to find yourself suffering from paralysis by analysis? If so, then you have a very good feel for what shopping for business insurance can be like. It is simply amazing how many business owners have approached me here in Charlotte NC wanting to know exactly how to choose the perfect business insurance coverage for their needs. Many of these business owners have been stumped by the nearly unimaginable number of options available many of which they simply didn’t want or need.
So, here is the real question. How can you, the business owner, make an intelligent and informed decision on which business insurance coverage will best suit the needs of the business and your employees? On that note I am going to help break it down for you in this two part article on business insurance points to consider.
The first thing we should consider covers those who may be shopping for insurance to be included as an employee benefit. Those who are not can hold on until our next article where covering the actual business will be covered.
Talk to an Expert
As a business owner your time is much better spent in actually running the business and ensuring that it remains productive. That being said, calling in someone like The Hoffman Agency will allow you to get the business insurance info you need without having to chase it down. We sit down with each of our clients – whether over the phone or face to face – and grab all the pertinent information so that we can go out and find just the right policy to fit your needs. Rather than having to worry to death over making the right decision you can be sure that the options we offer you will have your best interests in mind based on what your business can afford and what your employees need in the way of a quality insurance policy.
Knowing Your Policy Requirements
You can look at quotes from an insurer all day long and pour over the costs of various plans, but if you don’t know the kind of insurance coverage you need you will simply be wasting your time. This requires having a more complete knowledge of your employees than you may already possess. Do you know what type of coverage they already have or what kinds of insurance they may need? If you deal with long term employees what type of coverage will remain important to them ten or fifteen years down the road?
Keep in mind that you may not be able to ask many questions that could help legally; however, you can learn a lot about the insurance needs of your employees directly based on their demographic information. Young workers would likely need or want access to family coverage with manageable deductibles and co-payments. At the same time, older employees may be more interested in plans that carry greater lifetime maximums or long-term disability insurance coverage. Life insurance that might appeal to workers in their mid-thirties and beyond would likely not be of importance to those who are just starting in the workforce. Offering group discounts to employees on auto insurance would likely be unnecessary if most are located in large urban areas where public transportation is readily used by most.
While your particular insurance benefits package may not make all your employees totally happy, it should be tailored to hold an appeal to as many of your employees as possible.
Up Next: Business Insurance Points to Consider – Part 2
How to make sure your business is properly insured against all outcomes
