Protecting your business with commercial insurance is an additional investment. In taking this vital step, doing your research and consulting insurance experts can be helpful. There are crucial questions you should ask your insurance agent so you can get the best policy for your business. In this article, we will provide you with some sample questions as well as quick answers for them.
The Policy You Need
Questions: Do I need to obtain commercial insurance? What type of policy do I need?
Protecting your business in case of unforeseen or even expected circumstances can give you a great sense of security as a business owner as well as help you recover possible losses in the future. The type of policy you need depends on a number of factors, but some of the basic ones you can get are workers’ compensation, commercial property, and general liability insurance. You may add more coverage to your current policies if you or your business needs it.
Types Of Insurance
Question: What specific type of commercial insurance can I use for my business?
If you are just starting your own business or have no experience with commercial insurance, here are some of the policies offered by insurance companies: general liability, professional liability (errors and omissions), workers’ compensation, and umbrella insurance (this is also known as excess liability insurance). There are, of course, other comprehensive insurance policies available for all types and sizes of business. You can study the types of policies on your own or talk to an insurance agent about what you want and need.
Your Insurance Coverage
Questions: What can my insurance cover? How much is the limit?
Commercial insurance can help pay for the cost of property damage, lawsuits, and other losses for your business. This insurance policy covers many risks. As a business owner, you are advised to assess the risks of your own enterprise. When it comes to liability limits, there is a maximum you can receive for any single claim (per-occurrence limit), and there is a maximum that your insurance company can pay in a single year for all of your combined claims (aggregate limit).
Questions: How do I make insurance claims? What can I make insurance claims for?
Following an incident, the right thing to do is to take action as soon as possible. This is especially helpful for insurance, legal, and other purposes surrounding your claim. Different companies impose different rules and regulations, so make sure to follow the right protocols when filing a claim. It would be in your best interest to list down the incidents you are entitled to stake a claim for. Hopefully, for the sake of the insurance company and yourself, nothing terrible happens to your business. However, it is best to know what to do should the worst come.
We Can Answer Your Other Questions
The list of frequently asked questions about commercial insurance is certainly longer than the one we’ve presented here. Check out our blog to learn more. But if you have urgent questions right now, don’t hesitate to contact Panorama Insurance Agency to talk to one of our seasoned insurance agents.