Protect Your New Business with the Right Insurance Policy
As you begin your new business you need to have protection in place just as you do for your home and personal vehicle. There’s always risk involved and when you can’t afford to pay large sums of money after an accident or unexpected event happens to your company, you must have insurance cover in place to offset your out-of-pocket expenditure. In order for you to know what the right insurance cover for your business is you should meet with a professional insurance specialist; he’ll know the proper way to determine what is best for you and what will adequately protect your business.
What are Your Needs?
As you developed your business plan you probably estimated the amount of insurance cover that you would need at the start-up of your company. It’s now time to review your notes and make any modifications to your requirements. You should check with your landlord if you’re renting so that you won’t duplicate any cover that he has in place for your company; if you own your own building you will want to have a policy that covers your building’s structure as well as its contents. If you’re using your own vehicles or any of your personal property to conduct business you must make sure that the insurance you have is adequate to replace it should you have an accident or incur damage to the property. Don’t forget to insure your vehicles if you have them in a fleet doing business on behalf of your company.
Establish a Good Working Relationship with Your Agent
Every successful entrepreneur builds relationships with a number of professionals that can help to make dreams come true; you should be no different. Working with one insurance professional can foster expertise that is very valuable to your company. By using a trusted agent, you can work together to find packages that make your business policies more affordable. Remember to do some comparison shopping so that you get good value for money, but when you find a cordial agent who is well-trained and knowledgeable about insurance, this should be the expert with whom you partner.
Keep Claims under Control
Your business insurance policy is similar to your personal car cover, the more claims you make the higher your premiums will be. Early in your relationship with your insurance company, you should try to control the number of claims that you make and absorb as much of the cost of doing business as you can. There will be minor emergencies that can be handled by local professionals or your maintenance team so that major claims can be avoided. When the claim is a small one, you should try to cover it yourself so that the most costly items can be claimed when they break down on your production line. In the beginning make your insurance cover Plan B for emergencies.
With your business needs you’ll need the expertise of trusted professionals and by visiting www.santam.co.za you’ll be able to find insurance cover tailored to your individual needs.
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