Choosing an Insurance Policy for Your Business
Buying insurance for a business or nonprofit organization can be tricky. You have to consider what types of insurance are necessary, levels of coverage, which insurance company will best serve your business’s needs and what your business can afford. An experienced Hoffman Estates attorney helps business owners and nonprofit directors tackle insurance issues such as:
- Interpreting policies and coverage options
- Weighing risks to determine appropriate insurance levels
- Resolving claim disputes and denials
- Evaluating or drafting insurance clauses in business contracts
Types of Insurance
Depending on the size and nature of a business or nonprofit organization, it may need policies such as:
- Workers’ compensation
- General liability
- Professional liability
- Employment practices liability
- Coverage for directors and officers
- Key partner insurance
- Business interruption
- Loss of income
- Umbrella coverage
Whether or not a business or nonprofit organization has employees, how many employees, what type of property the business owns, where the business operates, and other factors will influence the type and amount of insurance it needs.
Selecting an Insurance Company
Price: Are the quotes fair? How do this company’s quotes compare to others?
Stability: How long has the company been around? Is it likely to stay around? How does Standard & Poor or A.M. Best rate the company? Is it a market leader?
Quality of service: What is the company’s reputation? Do you know any customers?
Experience: Does this company have the right type of experience? Does it work with businesses similar to yours?
Location: Did the company register in your state? Where is the physical location?
Choice of counsel clause: Does the company allow you to choose your own attorney?
- Future growth: Will the company grow with you?
A Hoffman Estates lawyer can help you compare and evaluate insurance companies and the policies they offer, so you can minimize your cost and risks. To learn more about choosing an insurance policy for your business, or to obtain advice about other insurance law matters, contact a knowledgeable Hoffman Estates attorney today.