Working With A Commercial Insurance Agency
As with most companies, your business will experience certain risks and exposures that need to be addressed. A commercial insurance agency and its staff is ready to help you to meet the insurance requirements for your business. There are four main categories of coverage, which include property insurance, general liability insurance, commercial automobile insurance, and umbrella insurance.
Umbrella insurance is additional liability insurance coverage that is helpful in the event that a claim exceeds your current liability insurance limits. Before you begin shopping for commercial insurance for your business, you should consider the following as a way of gauging how well you understand the needs of your company.
Shop and evaluate the value of available coverage
Shopping allows you to do the research necessary to determine the best choice for your commercial coverage. Remember to evaluate policy prices, but to also make sure that your decision is based on value as well as price. Commercial insurance needs are not the same for all businesses. Your insurance coverage requirements will likely depend on many variables, so work one on one with your agent to tailor your policy for your specific needs.
In order to receive the most effective policies for your business it’s best to do a little homework before entering into any coverage agreement. For example, discuss the following questions; do you own your own property and do you have customers who come to your work site? How many employees do you have and do you also have vehicles to cover? What is the total number of autos you use and what are these vehicles used for? Other determining factors should include what kind of inventory you have to carry and if there is any special equipment that you have to maintain. You should only obtain coverage that fits your business and industry.
Before you start working with an insurance agent, and they begin the process of shopping your insurance to different insurance carriers, make sure you conduct a risk assessment to help determine if changes can be made to lower your risks. You may end up getting a lower premium from the commercial insurance agency because the insurer will see your efforts as well as your attention to the smaller details.