Things to Know Before Buying Business Insurance in Abbotsford
16 May 2019 Insurance Products
Understanding everything you need to know before buying business insurance in Abbotsford can help you select the best business insurance options for your particular needs. The insurance experts from Mountainview Insurance offer a wide range of insurance products, including business insurance.
1. Know Your Legal Obligations
Before buying business insurance, you should take the time to research your legal obligations for Abbotsford and the industry you work in to ensure that you have proper coverage. While not all businesses are required to purchase insurance, most businesses are required to at least purchase workers’ compensation insurance. A reputable insurance provider will be able to advise you on the coverage you need for your particular business.
2. Assess Industry Risks
Since every industry is different, taking the time to carefully evaluate the risks of the industry you work in will help ensure you are purchasing the appropriate coverage to protect your Abbotsford business. Depending on the industry you work in, you may want to consider purchasing professional liability insurance to protect you from a lawsuit related to errors made in a professional capacity or product liability insurance to pay for legal bills if a customer becomes sick or injured from one of your products.
3. Prioritize Coverage Over Cost
While business insurance can be an added cost, having the right amount of business insurance can help protect your business from serious financial damage. Abbotsford business owners should keep in mind that, while it might be tempting to pick the cheapest policies they can find, buying a cheap insurance policy can leave them exposed to greater financial risk.
4. Read Your Business Insurance Policy
Make sure to take the time to thoroughly read your business insurance policy before purchasing it. Doing so will help prevent any unexpected surprises from popping up, such as gaps in coverage, that can affect filing a claim. If you have any questions about what your insurance policy does and does not cover, your Abbotsford insurance company will be able to help.
5. Determine the Best Deductible
In most cases, business insurance policies include a deductible that you will be responsible for paying if you file a claim to cover a loss, with your Abbotsford insurance company covering the rest of the cost. While some business owners may choose to get a policy with a higher deductible in order to pay a lower premium, choosing a higher deductible may mean not being able to afford to pay the deductible when filing a claim. Consider choosing a policy with a lower deductible, so that you will not have to pay as much when making a claim.
If you would like to learn more about the things you should know before you buy business insurance in Abbotsford, or if you are interested in their business insurance products, please contact Mountainview Insurance at 604-557-0255 or by requesting a quote on their website.
