Starting Your Own Business?


newbizThen you need commercial insurance, but do not rush to sign on the dotted line. All policies are not created equal. Before you cross commercial insurance off of your to-do list, follow a few of our do’s and don’ts. This is an exciting time for you, but don’t rush and make a mistake that will come back to haunt you weeks, months, or years from now. Starting your own business? Read on!

Do’s And Don’ts

Do: Take the time to find an insurance agent who has experience insuring your type of business.

Don’t: Hire an insurance agent who tries to sell you a one-size-fits-all policy. Find an agent who can tailor the policy to your individual business needs.

Do: Shop around for price and the right type of coverage. You can request written coverage recommendations from various agents at no cost to help your decision making process.

Don’t: Misrepresent your business risks to try to save money. You will probably not get the proper coverage for your business and it may cost you in the long run.

Do: Purchase a policy that will cover the replacement cost (not the actual current value) of your business property. If you ever have to replace your property actual current value coverage can leave you sorely lacking.

Don’t: Underinsure your business to save money. Underinsuring can cost you 80 percent of your replacement value if your policy contains a certain co-insurance clause.

Do: Research the solvency of the insurance companies you are considering. The financial solvency of insurance companies is rated in the following publications: Best’s Insurance Reports, Standard & Poor’s, Duff & Phelps, and Moody’s Bank & Financial Manual.

Don’t: Purchase a policy that seems too-good-to-be-true because the premiums are so much lower than other policies. It may not be the coverage you need, or the insurance company you are purchasing from may be unstable. Be aware.


With over 20 years of experience in the insurance industry, the Jeff Van Matre Insurance Agency can help you choose the right coverage plan to protect your personal and business assets. To learn more, or to get a free quotecall our Carrollton office today at 972-492-8500.