As a business owner, one of the things you need to accomplish is getting business insurance. However, if you own multiple businesses, getting business can take time and effort. First, you need to understand the importance of having business insurance. Many businesses indeed avail of business insurance just because it’s a legal requirement in their area.

However, getting business insurance shouldn’t just be about fulfilling legal requirements, especially since you also need it to protect your multiple businesses. Unfortunately, business owners who avail of insurance to fulfil requirements don’t opt for comprehensive coverage, and end up wasting their money on the coverage they don’t need.

In this article, we’ll guide you in making sure you get the right insurance for your multiple businesses.

1. Understand Unique Risks

Each business comes with unique risks. And even if your businesses are in the same industry, you can still find differences in the things you should look out for. For instance, if you own a restaurant and a food delivery business, the food delivery business is different from the restaurant since the restaurant is responsible for handling the food, while the delivery service is risky since the driver has to travel.

So before you start looking for the best business, you should first assess and know the risks of each business you own.

2. Choose Between Separate or Combined Policy

Another thing you should consider is whether you’re choosing a separate or a master policy. The former allows you to choose and tailor the insurance coverage based on the needs of a specific business. On the other hand, a master policy is when the insurance package covers all the businesses you have under the same policy.

When making a decision, you should consider various things such as your financial status, risks, and the similarities of the business.

3. Understand Insurance Coverage

What insurance coverage do you need? Some of the most popular types of business insurance coverage include general liability, workers’ compensation, cyber liability, commercial auto, and business interruption.

It’s common to have primary insurance for each of your businesses. However, getting umbrella insurance is also a great idea. If you maxed out the primary insurance, you still have a backup.

4. Explore Bundled Policy Options

Nowadays, Many insurance companies offer bundled business insurance coverage for a more affordable premium. At the same time, they allow multiple businesses under a single account. If you want a more practical solution, you can find many options that fit your needs and preferences as a business owner.

However, you should read the terms and conditions before agreeing to avail of the bundled policy, as you might find hidden fees.

5. Shop Around for Flexible Insurance Providers

It’s not enough that an insurance provider offers everything you need, there are other things to consider. Some of these include flexibility, discounts, and reliable services. For instance, if your business suddenly changes, even after you’ve just updated your insurance, it should still allow you to make necessary changes.

6. Understand the Tax Implications

Another thing you should consider when looking for insurance for multiple businesses is the tax implications. In some cases, the tax rates for bundled insurance for multiple businesses tend to be higher than if each business has its insurance coverage.

So before anything else, make sure to consult with your financial adviser or insurance broker to help you make informed decisions.

7. Know the Payment and Renewal Processes

In case you choose to have separate policies per business, try to look into the possibility of merging the bills. Besides, no matter how many companies you have, it’s still a hassle to pay them one by one.

Of course, the first thing you should consider is your budget. If you think you can’t fulfil the payments, and renew at the right time, you should ask your adviser for other options.

8. Plan for the Long Term

As you know, businesses often change. Whether it’s an expansion or simply adding a few more employees, the insurance coverage should also be altered depending on your needs. You can either schedule a regular review or do it at least once a year.

Of course, one of the ways to keep your insurance updated is to inform your adviser or broker about the changes you’ve achieved, and they can inform you if you immediately need to update your policy or not.

9. Check Out Online Insurance Management Tools

Another benefit of having a great insurance provider is that they offer online insurance management tools. These are specially created for individuals and business owners who own multiple policies. With these, you can easily monitor and keep track of all your business insurance.

10. Comply with Legal Requirements

One of the most essential requirements for businesses is to have insurance. In some areas, they only require basic coverage, but it’s not the ideal option, especially for multiple businesses. Instead, consult with your insurance adviser, and look for an affordable option that can significantly help your business thrive in case of unexpected incidents.

Final Thoughts

Finding insurance for multiple businesses is all about strategy, a reliable insurance adviser, and a great insurance provider. In addition, you should consider the things mentioned in this article for hassle-free insurance management.