Choosing an insurance company should be a serious undertaking. The primary reason why is that you want to choose an insurance company or agent that represents you and your needs. In other words, you want an insurance company or agent to look out for your best interests. Below are several steps you can take to choose an insurance company.
Go to http://www3.ambest.com/ratings/default.asp. On the page, you can find out the rating of the insurance company you are considering by typing in the search box underneath the text, "Find a Company's Best Rating" the name of the insurance company. However, to read information about the company, you have to register. Registration is free. The registration page is https://www3.ambest.com/MemberCenter/sMC/Cust_existing.aspx?NP=1&URATINGID=&nextpage=.
Check with the Better Business Bureau to learn of any complaints against the insurance company or agent.
Compare prices and the amount of coverage from at least three insurance companies. Remember this – cheaper is not always better.
Talk to other business people in similar fields, and find out the names of their insurance companies and agents. Personal referrals can be very beneficial.
Feel comfortable and have confidence in your choice. If you feel uneasy, you need to continue looking for the right insurance company and agent.
Discuss your needs with the insurance agent. In doing so, make sure the insurance agent is familiar with your type of business. This is important because the insurance agent will not be able to make recommendations to you to ward off potential areas for loss and liability if he or she is unfamiliar with your type of business.
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