The most important thing you will do is to implement the changes that you have decided to make regarding your insurance coverage. While the earlier steps are certainly necessary, if you don't actually make the changes then you gain nothing.

Go over your notes to make sure that you understand the changes you wish to make, and especially why you wish to make them. If you have an existing policy with an agent, and you are increasing coverage, you probably won't get any objections when you call your agent. However, if you are decreasing your coverage, or changing your type of coverage, you might anticipate that the agent will try and convince you that your current coverage is what you should have. Be firm and don't give up until you get what you want.

If you don't yet have this type of insurance coverage, or if you want to check for better deals, then you need to begin with gathering price information from different sources. First, you will need your notes so that you know the types and amounts of coverage that you want. Second, you might consider talking to others that you know who have a similar business to see what they are paying and what kind of experiences they have had with their chosen insurance company. This is especially true if someone has filed a claim with their insurance company. This will give you a good indicator as to what to expect should you choose that company.

Third, identify the local companies or Internet sites from which you wish to obtain quotes. We suggest that you first begin with the company that issued your homeowners policy. If they do not provide the type of business protection that you need, they should be able to refer you to another local company. Work with a local agent first who specializes in your type of coverage to validate your insurance needs and get a quote. If you are happy with the advice you receive, and satisfied with the cost, then get your new policy started immediately. If you are not yet convinced that you have a good deal, check out other sources, including both local companies (try the phone book) and Internet companies. The latter may offer prices that you can better afford. Just remember that there can be advantages to dealing with a local agent in the case of filing claims. If you like an Internet solution better, ask them for references and then contact them. You especially want to talk to clients in similar businesses who have filed a claim.

Once you have the cost figures, then you need to examine your budget and determine what you can actually afford. If you get the prices and you still can't afford it, then you will have to make some changes in the amount of your coverage or deductible, or you will need to revise your business budget accordingly.

Step 6 - Get Help If You Need It