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You’ve dreamed of starting your own business, planned for it, saved for it and now it’s almost a reality.  The last thing on your mind is probably insurance, but it’s necessary to protect your customers and yourself.  No matter how well your business is run there is always a chance that a disaster, natural or otherwise, will put it at risk.

There are lots of insurance products available to protect your business from losses due to physical damage as well as commercial liability. It’s important to speak with a broker to identify your specific risks. You can assist your broker by thinking about the following in advance to expedite the process: 

• Are you leasing your place of business? If so what insurance requirements does your landlord have?
• If you own your place of business what is the cost to rebuild?
• What is the value of your stock, equipment & contents?
• What are your anticipated revenues?
• What fire protection is there nearby? Does the building have smoke alarms, sprinklers or a security alarm?
• If you have large cash deposits, will you have a safe on site?
• Will you use your car or will you need to purchase or lease vehicles?
• Will you be doing business online? If so, do you have proper security measures in place to protect you from internet hacking?

There are also harder to identify exposures such as environmental and liability hazards like if there is an oil tank on premises or the potential for a slip and fall incident.

Remember the more informed your broker is about your operation the better equipped they are to shop for the best product and premium for your business.