One of the most important actions you can take as a business owner is to assure that your business assets are protected with the right insurance coverage. Every business faces risks and insurance is an important part of any business plan. It is not the type of coverage that one should purchase without the help of a qualified specialist. Insurance coverage is available for every risk your business might face. You should discuss your specific business risks and the types of insurance available with your insurance agent or broker. Your agency can advise you on the exact types of insurance you should consider purchasing.  Your options may include some of the following. In lean times like this, it is even more important to evaluate your business and consider ways to reduce spending while boosting profits.  Here are three ideas that you may want to consider that may help you save money.

1. Choose a higher deductible.
   Deductibles represent the amount of money you pay before your insurance policy kicks in. The higher the deductible, the less you will pay in premiums for the policy.
2. Consider a package policy.
   A Business Owners Policy (BOP) is often significantly less expensive than a self-designed plan. BOPs include: property insurance for buildings and company owned contents; business interruption insurance, which covers the loss of income resulting from an insured event (such as a fire) that disrupts the operations of the business; and liability protection, which covers a company’s legal responsibility for the harm it may cause to others. To determine whether a package policy suits your needs, inventory all of your business property to determine its value and whether it needs to be insured, then compare the property and values to what is available in a particular package.
3. Work closely with your agent or broker.
   An insurance professional can provide invaluable advice to help protect your business. It is important to keep your insurer informed about any changes in your business operations. This includes major purchases, expansions or changes in hiring or in the nature of your operations.

I am happy to meet with you in order to evaluate your current coverage and design a plan that provides the proper amount of coverage at the best cost.  You can email me at jcronk@nathanagencies.com or call me at 413 256-8351.