10 things to know when buying business insurance

Top 10 | What to know when buying business insurance

Criteria matters. Whether you’ve been buying commercial for years or it’s your first time, there are some important things to understand about the process, industry, etc. We’ve put together a list of the top 10 things.  This list contains key things to know when buying business insurance. It’s designed to help be a more informed and savvy commercial insurance consumer.

Ten things to know about commercial coverage

ONE. Basic Information. Regardless of what organization you buy insurance from, you’ll be asked to provide some basic information. You’ll need to gather some details about you and your business. Things such as your telephone number, mailing and email address. This basic information is needed to help set up your file and to ensure clear and open lines of communication. 

TWO. Applications. All insurance policies are priced and underwritten based on information and details about your business and/or risks. Depending on the insurance product, industry and/or geography you operate in, formal applications many also need to be completed and signed.

Yes, criteria matters

THREE. Information & Education. Business insurance products are complex and often confusing. That’s why its important to work with someone who understands your risks and the nuances of business insurance as well as the Canadian insurance marketplace. ALIGNED Insurance as an example, has a full insurance glossary and more than 1,000 blog posts on various business insurance and risk management topics.

FOUR. Who you’re buying business insurance from. It matters which company you choose to buy your business insurance from. Not every insurance company offers everything and like in any industry, reputations matter. ALIGNED Insurance is proud to work with more than 65 of Canada’s top insurance companies to deliver choice and value to commercial insurance buyers.

FIVE. How will your account be serviced. Your relationship with your insurance broker is important. That’s why it’s important that your broker fully understands the nuances of your business operations. The more they understand, the better they are able to support you when you need it most. ALIGNED Insurance is unique within the marketplace thanks to its exclusive focus on commercial insurance products and services. 

SIX. Experience and expertise. Experienced insurance brokers who understand the needs of small businesses and larger ones can help you make informed decisions.

And of course, details matter

SEVEN. Compensation. Business insurance policies normally include commission. This means that if and when insurance costs increase, so does the typical broker’s revenue. Costs may increase due to business losses, increases in sales or assets, insurance companies increasing rates and other factors. ALIGNED Insurance works on a fee-for-service model which means that you decide how much we make based on the level of service your organization needs and/or desires.

EIGHT. Who does the work. The people who support your business are the ones you count on when things go wrong. ALIGNED Insurance advocates have ownership in the business. We believe that you would prefer to deal with a business owner rather than just an employee.

NINE. Business insurance and 100% online products. We know that accessing business insurance products when you need them most is important. That’s why, in addition to hundreds of business insurance products and services, we’re constantly adding to our online insurance products. With more than 300 products that you can instantly get quotes on and buy fully online anytime, we’re delivering more options and value to our clients.

TEN. The relationship between the organization selling the insurance and the organization providing it. ALIGNED Insurance is proud to be a fiercely independent commercial insurance brokerage. Our interests are always aligned with our clients.

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