Business insurance is a complex subject, as diverse as business itself. Selecting an agent or broker experienced in business exposures and the commercial insurance market is extremely important.

Contractual agreements that enable your business to operate, such as leases, merchandising, and finance contacts, may obligate you to insure beyond your immediate concern. Review them, if possible, with your agent.

As you shop for your insurance you will see special terms and concepts unique to business insurance. Ask your agent to explain anything you are not familiar with. Be sure you understand how your insurance premium will be calculated. It may be floor area or, more frequently, payroll or sales income. In any case, your cooperation for access to your books, records, and/or premises is expected.

Policy periods are generally annual. Payment is due when coverage starts or as agreed upon. Premium financing is usually available, but be aware of the interest rate you will be paying, as well as the authority given to the financing organization and how any disruption in your payments will affect your coverage.