So, you’ve decided to protect your business by investing into some business insurance. Now it’s just a matter of deciding what your business will need and what it doesn’t. Before buying any insurance, business owners should research the different type of policies available, how much they cost, and how much they are able to save.

Here are four questions to get you started.

Q1: What will the business insurance cover?

Business insurance can help pay the costs of property damage, lawsuits, loss of business income, employee work-related injury or illness, cyber threats or attacks, employee theft or fraud and other covered losses.

Q2. What type of insurance policy best fit my business?

Generally, there’s no one-size-fits-all policy. Here are some types of insurance that a business should have in place upon setting up.

• Fire
• Burglary
• Fidelity Guarantee
• Public Liability
• Employer’s Liability

Q3. What affects my business insurance premium?

The premium of business insurance varies based on the specifics of your business such as:

• Type and location of business
• Size of business
• Sum insured
• Type of risks
• Previous claims

You can get an accurate quote by speaking with an insurance representative and to ensure all of your needs are met.

Q4. How do I submit a claim?

When an unexpected incident occurs, you would want to act fast by contacting your insurance company. Open a claim with your insurer as early as possible, or within the timeline specified in the policy in order for the insurance company to evaluate the extent of your claims and shorten the time it takes to settle your claim.