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While business owners may be tempted to cut corners when purchasing business insurance, not having adequate coverage should an incident occur could be enough shut a business down. The U.S. Small Business Administration offers tips for owners investing in buying business insurance.
The SBA says business owners should first assess their company's risk as it will determine the amount of coverage needed. Underwriting will help ensure businesses have ample protection while companies with more risks, including a business's location and building type, should expect to pay more for their policy.
Before selecting an insurer, business owners are advised to shop around and compare the costs of coverage offered. While the lowest rate may be the most attractive, owners should also consider the customer service and add-on policies offered, as more coverage may be needed later on.
After finding a competitive insurance company, business owners should assess their insurance coverage on an annual basis or after any major changes to the company's assets. Not doing so could result in a lack of adequate coverage.
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