Business owners must have some type of insurance. Most states require any business with employees to purchase workers’ compensation and unemployment insurance. Requirements may also vary by industry. For example, a real estate agent with a car may have to pay for commercial auto insurance. If you have a business, you need to make sure that it is adequately protected against common and unforeseen risks. Before you do, it’s a good idea to compare quotes from commercial insurance companies.
The location of your business and the industry you’re involved in play a big role in the types of quotes you’ll get. Some industries are obviously considered more “dangerous” than others. For example, a business that primarily involves everyone who stays in an office will not need as much coverage as a construction business.
Commercial General Liability (CGL) may not cover 100% of all possible risks an organization may face during its lifetime, but it generally provides coverage for the most common types of risks. Some business owners choose to purchase additional insurance, such as protection against defamation lawsuits and employment practice liabilities (wrongful termination or discrimination).
What about the robbery? Commercial insurance companies generally only offer theft protection for third-party losses for which a business may bear some type of responsibility. If you want coverage for your business property, you may have to pay more to have it included in your policy.
Payment Options Used by Common Commercial Insurance Carriers
What kind of payment options do you have? How you will be charged and how you are expected to pay will vary by insurance company. Before deciding on a quote, check if you will be able to pay with your preferred method, be it MasterCard, Visa, etc., and if you can pay the full amount annually or just once a month. If you don’t want to pay in full, be aware that some commercial insurance companies may charge additional fees for overtime. However, not everyone does, so take the time to carefully read the payment requirements and fine print.
Another thing you need to do is find out how the claim process works. If you ever need to report a claim, the process should be available to you 24 hours a day, 7 days a week. All you have to do is contact the insurance company to make the report, and the representatives should immediately begin their defense. If necessary, your insurance provider will appoint an attorney on your behalf.
Of all the commercial insurance companies, is there one that is really reliable and offers all these services at an affordable price? Hiscox Business Insurance reviews are almost always guaranteed to be positive. It is definitely worth considering. Request a quote from the website or call 1-866-283-7545 to speak with a licensed small business insurance agent.
