You have insurance for all your major possessions – home, automobile, disaster and life policy coverage – but what about your business? Just like any other sort of insurance up for sale there are different plans and kinds of coverage, so you'll want to do some research and get financial advice before choosing the one that's right for your company.

Shop around before you buy

Not every business insurance provider will offer the same rate for the same plan. Just like with any other kind of coverage, you could think you're getting a deal, but if you don't put in the time and legwork you'll never know if a competitor is offering the same product at a lower price.

Also, consider a higher deductible. If your business is relatively stable or you're not averse to taking out a business loan in an emergency, save money by lowering your regular premium payments and pay a little bit more in the event you have to tap into your insurance plan.

Review your policy

If you already have insurance and you're casually shopping around, or if you don't have coverage and are just starting to look at different plans, be sure to read the information side-by-side with other carriers. See who offers what kind of services, how much they charge and what one or more of the providers don't cover.

Also, if you aren't looking right now, review your current plan anyway to make sure you aren't overpaying for the service. There's a chance that you may think you're covered by a plan or a third party but actually aren't. It may sound far fetched, but if an incident should come up and you find out at the crux of the emergency that you aren't insured at all, you may be looking at some very serious bills or even a lawsuit.

Don't take a chance

If you think your insurance is good enough the way it is, or if you feel confident in your plan to the extent where you aren't willing to review it, try taking a step back and looking at the situation from a third-party perspective. Better yet, get some financial investment advice so you can get a quick glance from a fresh pair of eyes to verify your affairs are in order. There's nothing worse than taking an unnecessary risk and having it blow up on your business.