7 Things to Know Before Buying Insurance for you Advertising Agency
As a small-business owner, your head may be spinning with all the things you have to do to take care of your business and employees. Here are seven tips that will make your insurance purchase easier…
- Know your state requirements.
- Review the details of your existing contacts.
- Find coverage to fit your industry.
- Take an inventory of your business and its assets.
- Decide whether you want to insure your assets for their replacement value or current value.
- Adopt preventative practices to protect your small business against accidents.
- Ask if you qualify for Business Owner's Policy savings.
Know Your State Requirements
Different states have different requirements for the amount of coverage you are required to have for your ad agency, social media company, web design firm, or marketing business. When you talk with an Insureon agent, we'll make sure you're meeting your requirements, while not buying any extraneous coverage.
Review Contracts before Purchasing Insurance
Your small business or start-up has signed any number of contracts with clients, partners, property companies, or other entities. Inside the language of the contracts might be stipulations about the kind of insurance coverage you are required to purchase.
Agreements such as your office lease agreement, equipment lease agreements, and others may have specific requirements for your Property Insurance or other policies. Before purchasing these policies, make sure you will meet these contractual obligations and avoid any additional liability.
Make Sure your Insurance Coverage Fits your Industry
At Insureon we have agents trained specifically in your field. Our agents have experience working with other small businesses like graphic designers, marketing agencies, media services companies, and others and will be able to tell what policies you need and don't need based on your specific business practices.
Property Insurance at Present or Replacement Value
When insuring your property, your media services business, graphic design firm, or advertising agency will have to decide whether to insure for the cost of replacing that property or at the lower cost of your property's depreciated value.
Insuring at actual-cost value means that you'll have lower premiums, but will only be insured at the current, depreciated value of your property such as computers, copiers, printers, and other assets.
Insuring at replacement-cost value means you'll pay more in premiums, but should that property be lost or damaged, you'll get reimbursed for the cost of buying brand-new equipment.
Know the Assets of Your Agency
Before talking with an agent, do an inventory of your small business or start-up. You should make sure you know…
- How many employees you have.
- What contracts you've signed.
- What equipment you own or lease.
- Whether you plan to move or make any other major changes to your business in the near future.
Knowing these details will help you get more applicable quotes on your insurance and to get them faster. Often within minutes, our agents will be able to respond to your inquiry, using their connections in the insurance industry to give you a variety of custom-tailored quotes.
Prevention is an Excellent Way to Save Money
One of the best ways to save money on your business liability insurance is to make sure you take simple, preventative measures to reduce the risk of accident or incident at your workplace. This can help prevent accidents and make sure a small accident, if it does occur, doesn't swell into a claim and the expensive lawsuit that may follow.
Over the long haul, taking preventive measures, training your employees, and staying on top of safety regulations and trends may even help reduce your premiums. Some policies such as Cyber Liability Insurance sometimes offer you a discount (similar to a good driver discount) for having strong network protection or other secure digital practices.
Save Money through Business Owner's Policie
If your business qualifies as lower-risk, you may be able to save money through a Business Owner's Policy. This policy bundles Property Insurance and General Liability Insurance so that you may be able to pay lower premiums on each. Ask one of our agents if you qualify.
These seven tips will help make your insurance purchase easier. Contact one of our agents today, and usually within minutes, you'll receive expert advice to help you find the best combination of coverage and savings for your small business.