You would think, with all of the information that’s available on the internet, you could get by without hiring a business insurance agent. If you feel you can handle it yourself and think you’ll save money by cutting out the middleman, by all means go right ahead. When the state or federal authorities levy a fine against you because you missed a mandatory policy you’ll be kicking yourself for not letting a professional handle your business insurance needs. It’s happened to many business owners, even those who knew a little something about insurance.
The rules change on a regular basis. If you employ people, you need liability and workman’s comp insurance. If you’re working with hazardous materials of any kind, you need insurance for that. If you’re running company vehicles with salaried drivers, you need a couple of different insurances for that, and maybe some bonding if the vehicles are financed. If you own the building your company is located in, you’ll need insurance for that and possibly a liability or damages policy on the property. Each of these business insurance policies requires a different payment and expires on a different day. It’s a full time job just to keep up with them, and it’s not your job.
Enter the business insurance agent, a specialist in keeping it all together for you. An agent can tell you which policies you need to have, when to sign up for or renew them, and if changes are made in the legal insurance requirements of your business. It’s their job to keep track of these things. Just like you spend forty to eighty hours a week focusing on your business, they focus on theirs, and theirs is to make sure yours is properly insured. The fees you pay for that more than outweigh what the fines would be if you let any of your policies lapse or neglected to get one you needed.
Why do you need a business insurance agent? There are two reasons. First off, you need business insurance and if you’re like most folks you know very little about it. Second, and probably more important for you to understand, you are not an insurance agent yourself. Stick to what you know and let the experts handle the things you don’t know. You won’t be saving money if you do it yourself, you’ll be wasting time.