Home Insurance Case Study

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You may wonder what you need to know and what information to prepare before buying insurance for your business. It really isn 't hard to be ready for this important decision, if you take simple steps, like assessing the risks you face for your particular business, working with a reputable agent who knows your industry, and making sure you get enough coverage.

Your insurance should be affordable and cover a risk your business can 't afford. One comparison would be a homeowner buys insurance to protect his home from fire, because he couldn 't afford to replace everything, if his house were destroyed.

If you are just starting a business, you will need a reputable insurance agent and a quality accountant and good attorney. It often is beneficial
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Your agent will determine how much risk his company will accept when you buy your policies. He will review your application and determine whether his company will provide all or a portion of the coverage you request. Your policy will have a premium and a deductible. The premium is what you pay for coverage, and this can vary because of location, local fire protection services, building type, and the kind of coverage. A deductible is the share you pay when making a claim. Higher deductibles mean lower premiums but a greater out-of-pocket expense. It pays to know your risks before shopping. A business owners ' policy might save you money. Different types of coverage can be purchased separately, or as part of a business owners ' policy. This can combine various types of coverage such as covering general liability, vehicles, property, and business interruption, into one policy and lower your premiums. However, not all kinds of insurance are included, and if your business has special risks, it pays to ask a reputable agent. Assess your risks annually, because your liabilities can grow as your business grows. It would not be good to not have enough coverage in case of disaster. Be prepared to contact your broker if you replace equipment or expand

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