If you’re frustrated with your business insurance or unsure of how to buy the right business insurance, today, we’re going to solve that problem.
Purchasing business insurance is critical to the sustainability of your business.
You’ve invested time, money and resources into starting and growing your business, business insurance (aka commercial insurance) is your last line of defense against losing your investment when bad things happen.
The is finding the right business insurance.
Watch this video below or keep reading for a simple guide to buy business insurance…
Business Insurance is confusing, time-consuming, and costly.
We fix these problems.
How to Buy Business Insurance
When it comes to business insurance, there are many different ways for you to purchase the right coverage.
- You can do it yourself.
- You can call an insurance carrier direct.
- You can go to a comparative rating platform online.
- You can work with a captive agent.
- You can reach out to your trade association.
- You can also have your problem solved with an independent insurance agency.
To be completely honest, I’m biased in which method to buy business insurance I believe is the best… Rogue Risk is an independent insurance agency.
That doesn’t mean we’re guaranteed to be the best for you, but I’d be surprised if we weren’t.
Do-It-Yourself Business Insurance
This is a bad idea.
Go ahead, disagree with me, then listen to this story of a business owner who DIYed his worker’s compensation insurance and ended up with a surprise $13,000 audit bill.
Do-it-Yourself business insurance is when you decide to buy business insurance without the help of an insurance agent.
This could be going online directly to a company, calling a company directly, or using a comparative rater. This is the worst way to purchase business insurance.
I can say this because you’re not a licensed insurance agent. There are a lot of things that can happen to your business, and if they do and you don’t have coverage and you bought business insurance yourself online, that’s on you.
That’s your fault. Your business will be suffering or you’re going to have to come out of cash out of pocket.
This happens a lot with workers’ comp insurance (as per the story linked to above). At Rogue Risk, we’re workers’ comp specialists. Business owners will apply the wrong amount of payroll to the wrong class codes, or they exclude or include officers that they shouldn’t.
Business Insurance DIYers will also pick the wrong payment program and get huge audit bills and it’s all because they did it themselves.
I don’t do my taxes myself and I don’t write my own legal contracts because I’m neither a lawyer nor a tax accountant.
My point is, you can go online, it may feel like you’re making a smart decision. You’re not. You’re opening yourself up to the largest amount of exposure for gaps in coverage and potentially overpaying as well.
Buying Business Insurance from a Captive Insurance Agent
The second method to buy business insurance is captive agents (think State Farm or Allstate) and I’m also going to put trade association programs in here.
These are basically individuals or organizations that provide you with one option for your business insurance.
Now, there is an advantage to that. Oftentimes these individuals know their programs, as well as anybody, knows them because they only sell one product.
The disadvantage is they only have one product and it is very rare that one product works best for a business. Coverages such as Cyber Insurance and EPLI (Employment Practices Liability Insurance) are often not available.
A lot of times these companies, if they have good rates on general liability, will not have great rates on auto or worker’s comp because it’s almost impossible to find a company that has incredible rates and coverage for every line of business that you need.
And as your business evolves, changes or pivots, you need different options. You need more options. Maybe you need more coverage. You certainly need guidance to understand what’s available in the market.
Buy Business Insurance From an Independent Agent
This is why an independent insurance agent like Rogue Risk when purchasing business insurance.
We work with your company through our various programs and insurance carriers to find you the right coverage at the right price for YOUR business.
This could mean general liability, workers’ comp, and commercial umbrella with one carrier, but for your commercial auto and your cyber insurance with another carrier. What matters is the coverage matches your need and your budget.
That’s what an independent insurance agent does. That’s why I believe that independent insurance agents are the best way to buy business insurance.
Which means you have to find the right agent.
This is where we come in at Rogue Risk.
We’re business insurance specialists and can help you navigate the market and workforce changes to make sure you have coverage without being overcharged.
Use the options below to get started today!
- You can call or text us at 518.960.6600
- Click here to contact us via email.
I look forward to introducing you to a new way of viewing your insurance program.