A recent statistic published a very disappointing report while they were involved with a survey on small business. It shows that almost 40-60% of small traders forced to shut down their business due to incapability of managing misfortune.
While profit and loss are integral parts of trading, the increasing number of closing businesses is really painful.
It is hard to predict when and how a healthy and growing company can start facing loss, unlike our life. Undoubtedly with the increasing amount of loss, the day of disaster comes closer. That is why we should always be prepared for facing disaster firmly.
Just like we insure our future by purchasing insurance, a trader can also secure the future of the company by purchasing trading insurance instead of borrowing private loans for bad credit.
Here we will discuss the 5 best trading insurers who can help a trader revive from the crisis.
5 best trading insurance company who offers best deals
1. Nationwide –
While talking about the small trading companies, Nationwide is just perfect for them. As it aids a merchant with a wide range of coverage, this insurance company has achieved huge popularity in the past few years. Their client centricity is almost a level above others.
Unlike others, it does not provide coverage only for the fixed assets of a company. Rather, their policy covers every single substance of the trading premises.
Moreover, this insurance company does not limit their services to some preferable causes of the disaster. Besides, a merchant can easily reach them at any time because of their easy virtual existence.
Getting quotes for your company is quite easy. However, they don’t provide their service to Hawaii till now.
2. State Farm –
If you are running a small restaurant, getting an insurance policy from State Farm will be appropriate. A retired farmer and an insurance sales agent established it in 1922. It is now one of the renowned insurance companies aided many small merchants during their critical moment. It offers coverage to restaurants whenever it suffers from a lack of sustenance and grain wastage due to the inability to install a fresh room.
Even by purchasing this policy, one restaurant owner can claim any over expenses due to marketing. It has already insured more than 250 small restaurants all over various states. The only disadvantage of this insurance company is policy can only be purchased from agents as online purchasing is not allowed.
3. Travellers –
This insurance company is pretty much well-known for its good feedback on the inflow of fund during the crisis. Established in 1864, now, it is ruling the trading preventive insurance market because of its verities of coverage policies. Whatever the reason may be, it covers everything. Starting from fire ending with theft, all come under their insurance policy.
Apart from aiding help during a crisis, it also pays for damaged fixed assets. Even if precious records lost in some natural calamity, it helps to compensate them. Moreover, the main reason for its increasing popularity because apart from insuring the company, it also focuses on the employment practices liability of the business.
The only con of this company is the unavailability of quotation on the website. A merchant can only get the quotes through its registered agents.
4. Farmers –
Farmers is such an insurance company that is perfect for small business owners. It understands better the factors to be taken care of during crisis management.
Apart from fixed asset insurance and capital prevention, it also offers 100% claim settlement to its valuable clients. The facility of editing prevention policy provides another edge to this company.
While insurance company generally provides coverage as per their choice Framer will provide you with a scope to add and deduct coverage as per your choice. Such as, if, due to heavy snowfall and harsh wind, the front signboard of your shop ruined, you can even add that into the coverage part.
A minimum of 3 years of coverage allows a merchant to focus on the growth of the business instead of worrying over crisis management.
5. The Hartford –
Are you a supplier of raw materials for outward decoration? Then surely, it will cost a lot if the materials destroyed for any cause. Why worry when The Hartford insurance company is here. They will take care of all those raw materials even if there is burglary, heavy snowfall or even set on fire.
Apart from insuring the assets of your company, it provides additional discounts on policies. There is the ease of accessing this insurance company whether you can choose online purchase or offline as well. Clients who used their service always wrote good feedback, especially in terms of their claim settlement policy.
In the Nutshell
Trading insurance which is popularly known as business income insurance usually helps the continuous cash inflow even during the crisis. For petty traders, the total amount of coverage can serve as a major part of the capital. When you have a physical shop, it may consist of several non-movable items like chairs, tables, computers, raw materials, etc.
Therefore, if suddenly that shop is set on fire, all the materials can become ashes. In that case, you can claim all the 90% of the coverage from the insurance company for compensation purpose.