Business Insurance Companies
There are quite a few companies that offer insurance policies of all sorts for businesses. Any firm that issues an insurance policy to a business can be considered a business insurance company.
It is generally a good idea to learn as much as you can about a company issuing business insurance before you entrust your enterprises future to it. Not all insurance companies are sound and reliable.
Evaluating an Insurance Company
There are many different factors that a business owner should consider before choosing a business insurance company. These include:
- Policies offered
- Customer service
- Reliability and reputation (How quickly does the company pay claims?)
- Fiscal soundness
How to Evaluate an Insurance Company
Fortunately, it isnt that hard to evaluate a business insurance company. The average person can do it with less than an hours worth of online research.
Evaluating the rates and the policies offered is quite easy. Just visit the companys website and compare the rates and policies offered to those of other companies.
Rating the customer service is a bit harder. An insurance company should definitely have a website and a phone number where you can report claims 24 hours a day.
You should also find out how long it takes to file a claim and how long it takes the company to respond. This is vital because the survival of a business can sometimes depend upon a prompt response. One good way to determine response time is to ask customers of the insurance company. Another is to check and see if any consumer complaints have been made about the insurance company.
A.M. Best and other companies rate insurance companies for their financial health and other factors. To evaluate the fiscal soundness of an insurance company, you can see some ratings available to the public at A.M. Best, one of the top insurance company rating firms.
Business Insurance Directory