Business insurance in Newark, DE, can empower you to go about your day-to-day operations with peace of mind. When shopping for a policy, it is crucial to remember that price is just one factor that should drive the decision-making process. Here are a few things to remember when you receive an insurance quote.
The Price Isn’t the Bottom Line
It’s easy enough to get quotes from several different insurance carriers. While you might be lured by a low rate, the price shouldn’t ultimately drive your decision. The quote is a great research tool in itself because it may also tell you the extent of the coverage you will buy.
In most cases, business insurance is separated into two primary categories: liability coverage and property coverage. Liability coverage mainly protects against bodily injury, property damage, and the legal fees should you encounter a lawsuit. Liability coverage might also protect your from copyright infringement, data breaches, and defamation suits. Property coverage includes protections in case your place of business suffers a loss due to severe weather, a worksite accident, or theft.
It’s All in the Details
If the quote doesn’t say the policy covers it, then you need to start asking questions to the agent. Beyond that, the quote will also state how much each specific part of the policy covers. For instance, the policy quote might provide plenty of coverage in the event of hurricane damage, but won’t say much about flooding. A policy might also have more coverage related to liability, but not much in the way of property damage.
Comparing quotes can be tricky, but it beats paying for something you won’t need or that will hardly protect anything. By speaking with an insurance broker, it will be easier to navigate the nuances that surround different business insurance policies.