Commercial insurance is insurance for your business. There are five main categories of coverage which include property insurance, general liability insurance, commercial auto insurance, workers compensation insurance and umbrella insurance. Umbrella insurance is additional liability-type insurance coverage in case a claim exceeds your liability insurance limits. Before you start shopping for commercial insurance quotes for your business, you should know these five facts and talk to one of our agents to find out how it can be tailored to your needs.
1. Shop and Evaluate Value
Just because you have always been able to get a great deal on your private auto or homeowner insurance policy from your neighbor doesn’t mean that particular insurer will be the best choice for your commercial coverage. Evaluate policy prices, but be sure your decision is based on value and price versus just price.
2. Do Your Homework
Commercial insurance is not one size fits all. Your insurance coverage requirements will depend on many variables. You should work 1 on 1 with your agent to tailor your policy for your needs. An independent Agent can greatly increase your chances of finding the right policy because we represent many carriers.
3. Know Your Risks Let’s face it, Insurance companies are in business to profit. In order to clear a profit, insurers need to do everything in their power to avoid clients whose behavior, occupation, or professional record suggests excessive risk. Do you have exposure to Employment related Practice Liability Claims, Cyber liability Claims, New York’s Scaffold Laws? These are important to know before you have a problem. Find an agent that will take the time to help you find your excessive risk. If they only want a sale, move on.
4. Get the Package Deal: Purchasing separate types of business insurance from various insurers can quickly escalate your premiums. Why not leverage all your policies to get the best rate. Usually working with one Independent Agent can help you get the best Business Insurance Quotes for all your lines of business.
5. Use a local Insurance Broker: Whenever possible use a local Insurance Agent or Broker. They should be more familiar with laws and local exposures.