3. Understand your business’s needs
To obtain the best commercial general liability insurance and other coverages, you should identify your business’s actual needs. Suppose you mainly operate online, then cyber insurance is a must. If you operate out of a brick-and-mortar store, then commercial property insurance should be part of your coverage.
Check to see if they offer bundle discounts if you were to pay for coverage of all of your commercial insurance needs in one place. You may even consider bundling your personal and commercial insurance together to obtain a lower premium. However, depending on the structure of your business, it might be in your best interest to separate the two.
Since all businesses are different, you will want a business owners policy that fits your needs. At the same time, make sure you are only paying for the level of coverage you actually need. For example, you won’t need to shell out for hurricane or water and flood coverage if you don’t live near water.