Skip to main content Skip to main content

Phishing Scam Alert: Do NOT share your credentials. Texas Gulf Bank will NEVER ask for your Online Password or Text Code

[bgimage]

Finding the Right Business Insurance for Your Company

Purchasing business insurance can seem like an overwhelming task, but it’s a critical step in protecting the brand you built. If your company suffers a loss, the last thing you want is to be left figuring out who to talk to at your insurance company. Worse, would be to find out you don’t have the right coverage for the problem.

Here are a few things to consider when deciding on insurance for your business.

Your Insurance Company Should:

  • Determine pricing for coverage that meets your needs
  • Mail you a copy of your insurance policy to review
  • Process your insurance payments
  • Make changes to your policy efficiently
  • Provide loss prevention strategies
  • Pay claims quickly when a loss occurs
  • Working with an Independent Agent
  • When you deal with a large insurance company directly, you might not have a specific agent overseeing your accounts. This is one benefit of using an independent insurance agent. These agents are often licensed with multiple insurance companies so they can compare pricing to get you the best plan for your budget. Ask around your network for recommendations of good agents who people trust.

Read & Understand Your Insurance Policy
An insurance policy is a contract that will specifically document what is covered and what is not. Be sure to read your policy and talk to your agent or insurance company representative so you know how a future loss may be handled.

Know Your Insurance Company’s Reputation
Whether you work with an agent or one company, read up on who exactly is providing your coverage. By visiting the company’s website, you can learn:

  • How long they’ve been in business
  • Types of products they sell
  • In which states they sell their products
  • Community involvement
  • Company’s financial strength
  • If the information doesn’t answer all your questions or leaves you feeling unsure, look into other companies. As with all purchasing decisions, you should be comfortable with your choice.

Price
While price should be a consideration when purchasing insurance, it shouldn’t be the only one. Remember the old saying, “You get what you pay for.” A lower price option may mean less coverage, which can take more money out of your pocket later if a loss occurs. A lower price may also mean that the insurance carrier has recently entered your industry and may not have the experience another company would.

Ease of Doing Business
Does your insurance company or agent offer:

  • Online Bill Pay
  • Online Claims Reporting
  • 24/7 Customer Service
  • Quick Policy Changes
  • Efficient Answers to Billing Questions