Tuesday, June 29, 2010

5 Tips on Obtaining Insurance for your Franchise Business

Earlier in the week, FranchiseBusinessReview.com posted another guest blog from the Roni Deutch Tax Center. This month’s guest blog explains five tips on finding the best insurance policy for a franchised business. You can check out a few of the tips below, or read the full article at FranchiseBusinessReview.com.

Compare Quotes

Never sign up for the first insurance quote you get. Most franchisors will recommend an insurance agent to use, but you should still seek out at least two or three additional quotes before making a final decision. Also, be sure to compare more than just the fees. You should decide on an insurer based on the quality of their coverage, not who has the lowest monthly fee.

Look For Package Deals

Most insurers have bundle packages that give you a discount for having them handle all of your insurance needs. If you already have insurance for your car or home, you should try calling your insurance company to see if they offer a discount for adding business insurance to your package.

Be 100% Honest

Never provide false or misleading information to an insurance agent with the hope of lowering your premiums. You could end up with the wrong type of insurance which could cost you thousands in the long run.

Lookout For Overlaps

Avoid duplicate or overlaps in your insurance policy. You want to make sure you are only paying for what you need, and not paying for coverage you already have.

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