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If you own or operate a small business, you naturally have different financial and insurance needs than a multinational enterprise. To help protect you and your business effectively, Phillip Kent Beck Agency, the leading small business insurance agent in High Point, NC, suggests the following coverage tips.

7 Tips for Choosing Small Business Insurance

1. Consider Home-Based Business Insurance

If you run a business out of your home, don't count on your homeowners insurance policy to protect you. Homeowners insurance usually limits the number of allowed business losses and excludes items that might be essential to keeping your company running smoothly.

2. Save With a Business Owners Policy (BOP)

If you have business assets and property, a BOP can save you money. It bundles property insurance and liability coverage into a single policy and gives you important coverage types at a reduced rate. It covers you for damage due to fire, storms, and vandalism, as well as for liability if you injure someone or damage their property.

3. Don't Forget Errors & Omissions Insurance

One of the most common types of small businesses is the professional corporation, which includes medical practices, law firms, and accounting offices. E&O (or professional malpractice) coverage is a crucial type of small business insurance that protects an organization from catastrophic liability in the event they make a professional mistake that costs their client money.

small business insurance4. Protect Your Investment with Commercial Auto Coverage

If you operate one or more vehicles as part of your business, you must at least comply with state law for minimum liability amounts, although more is recommended. You should also protect your investment with comprehensive and collision coverage.

5. Discuss Equipment Insurance

Speak with your insurance agent about unusual or expensive equipment that might require a rider or separate policy. That way, you can collect the full amount of any loss, should disaster strike.

6. Review Your Policy Annually

Circumstances change, assets increase and decrease, and your insurance needs may shift over time. Review your policy at least once per year to make sure it suits your needs.

7. Auto Pay Your Premium

To be sure you don't let your small business insurance policy lapse, set up automatic payments through your financial account. That way, if you need to file a claim, you know your policy will still be in place.

Phillip Kent Beck Agency, the most experienced small business insurance agent in High Point, NC, can help you choose the right types and amounts of coverage to protect yourself, your business, and its assets. Visit their website to read reviews from previous customers, or call (336) 434-2111 to request an insurance quote.

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