One of the most important things you need for your business is insurance. After all, you can save money, stress, and time by having an insurance company on your side to help protect you, your business, and your employees when something goes wrong.
But you know that already. The bigger question is, how do you select the right insurance company for your business? There are numerous options out there, from local agencies to global conglomerates. Even if you’re already insured, it never hurts to shop around when it comes to renewal time.
You should be prepared before beginning the search process.
No one knows your business better than you. You know what your budget is, what your risks are, and what coverages you need to succeed now and in the future. So, when you begin the process of choosing an insurance provider, you can start weeding out companies that are too expensive or don’t offer the coverages you need—or want.
Obviously, when looking for an insurance provider for your horticultural business or floral operation, cost is a primary factor. So, let’s talk about that before diving deeper into what you need from an insurance provider.
Controlling your costs is a key factor in keeping your business profitable. By shopping around, you might be able to get a better rate on your insurance premium.
However, keep in mind the old adage: You get what you pay for. The cheapest alternative isn’t always the best.
For instance, you can get less expensive horticultural business insurance simply by purchasing the minimum coverages available. But what if severe weather damages your buildings or causes injuries to your employees? Without sufficient coverage, those costs could put you out of business.
What determines quality business insurance coverage comes down to what’s covered and what isn’t, and how that matches with your business and your budget. Carefully read your policy language. Doing so during negotiations and before something bad happens can save you a lot of confusion and headaches down the road.
When choosing a business insurance company, there are two parameters you should be thinking about. One is the coverages you need for your business no matter what. Consider these to be the non-negotiables when deciding between insurance companies.
You also want to consider the coverages and services that would be nice to have for your business, depending on cost. Eliminating companies that don’t provide these coverages or services helps whittle down the field. Let’s call these the negotiables.
Whenever you buy something, there are dealbreakers. When you buy bread, it can’t be moldy. When you purchase a vehicle for everyday use, it needs to run. When you buy a computer, it needs to support the software you need to use. If any of these products don’t pass your non-negotiable parameters, you don’t buy them.
The same thinking should come into play when choosing an insurance provider for your business. There are coverages, services, and characteristics you must have. Here are a few:
Regarding these non-negotiables, John Hodapp, director of Agency Operations at Hortica, says, “Companies that can’t provide those basic services don’t deserve a seat at the table.”
When it comes to business insurance, don’t settle for just the essentials. Your protection matters. Plan ahead and seek out additional services and qualities you’d like to see from your insurance provider. Here are some negotiables to consider:
In your search for a business insurance company, there are a few other factors to think about.
What deductible amount are you comfortable with? Do you want a high deductible and a lower premium cost, or vice versa? What happens if something major occurs? Weigh the pros and cons of these questions.
Again, no matter what insurance company you choose, carefully read through your policy. Ask questions if you don’t understand something. The answers you receive and the manner in which you receive them will also help you decide which company to trust your business with in the future.
Think through all possible scenarios your business deals with every day and what you could face in the future.
Seeking an insurance provider for your business isn’t an easy process, but your business is worth the time and effort to find a company that will be there to help you when you need it most.
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