Insurance policies come in different varieties with a tangle of wording, definitions and exclusions. You need to understand what you want to protect and be certain that you get the right amount of security from your insurer.
The best contacts and resources to help you get it done
Understand the terminology
You need to know how risks are defined, what coverage you are getting — property/casualty, liability, workers compensation — and the policy terms.
I recommend: The U.S.
Small Business Administration (SBA) provides a guide with an insurance-needs checklist and glossary. Click-through subjects and Q&A's are available from the
Insurance Information Institute (III) and the
Independent Insurance Agents and Brokers Association (IIABA). The free tutorial from
MyOwnBusiness.com includes a section on buying insurance. The
Risk and Insurance Management Society (RIMS) offers two-day seminars and the
Nonprofit Risk Management Center a Webinar on the fundamentals.
Determine what you need
Examine your company's risks before shopping for a policy so you are ready to answer the insurer's questions.
I recommend: Insure.com offers a
Small Business Liability Tool as well as a
Workers Compensation Insurance Law Tool that lead you to the specific considerations that affect what kind of insurance you need. The American Express
online quiz determines what polices to consider. Entrepreneur.com has a detailed
insurance encyclopedia. And if you are debating business interruption coverage, Zurich has a
cost calculator.
Get quotes
Agents and brokers sell the policy and provide services after the purchase. Online quote requests enable you to compare multiple instant options to get the best price for the best coverage.
I recommend: Mega broker
Marsh has an online form to request a quote. Multiple quotes can be compared after filling out online questionnaires from
NetQuote.com,
LowQuotes.com or
USInsuranceOnline.com. Prefer to have a face-to-face relationship with an insurance agent? The
Independent Insurance Agents and Brokers Association (IIABA) has an online agent/broker finder. And the Insurance Information Institute (III) has a simple
Insurer Finder tool, searchable by state. Before you buy, check the insurer’s rating with
A.M. Best.
Use the Services
Most insurance companies, agents and brokers offer online services to reduce risk, file claims and monitor your account. Check out what is offered and choose the company that offers the extras that you need.
I recommend: Zurich (an insurer) demos its suite of online service options, and the
Nonprofit Risk Management Center gives a tour through its affordable, independent software program.
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