Top 6 Things to Consider When Choosing a Liability Insurance Company

Whether you’re buying your first policy, or rethinking your current provider, there’s no shortage of business liability insurance companies to choose from. Finding the right one is a little like hiring the right employee: You want one that’s experienced, easy to work with, and ready to help when you need it.

It pays to do your homework and separate the facts from the sales pitch. Policies vary from company to company – make sure you have the right coverage for your business at a fair price.

Here are six key factors to keep in mind as you compare companies:

1. Portfolio of products
   The wider the choice of products and coverages, the better the chances of creating a policy package that suits your specific business needs. Make sure the company has coverage options available for your type of business so they can customize a solution for you – some can't.
   
   
2. Competitive rates
   Get quotes from at least three business liability insurance companies, and make sure you can compare them point by point: coverage, limits, exclusions, deductibles (some liability coverages do utilize a deductible) and available discounts. Look for savings based on multiple policies, or being claim-free for a period of time. Some companies look favorably at businesses if employees are trained in safety procedures or loss control measures. Additional training and loss prevention can transfer into premium saved!
   
   
3. Financial stability
   Beyond mere experience selling business liability insurance, you want to make sure the company is on firm financial ground. Ask the agent to provide credit and other ratings that rank financial service providers. Your local Better Business Bureau can also reveal unresolved complaints against the company.
   
   
4. Payment flexibility
   You’re busy – make sure your business liability insurance company gives you lots of options for checking your account status and your paying premiums. Ask about online and phone options, as well as check, credit or debit card payments. Can you automate payment through deduction from a checking account?
   
   
5. Responsive claims service
   Make sure that the company offers claims services 24 hours a day, seven days a week, year round – and with easy access to a live claims representative, not a recording. Ask how long it typically takes to get damage assessed and a claim settled.
   
   
6. Personal support
   You want an agent that understands not just business insurance, but your company and industry as well. Ask about loss control support, and how you can make your business safer. Are resources available through the agent or the company’s web site?

Contact a Nationwide agent today, and learn why this is one of the easiest business decisions you can make today.