Commercial Insurance Company Information: What Kind of Coverage Does Your Business Need?

Entrepreneurs must have some kind 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 will likely have to pay for commercial auto insurance. If you run a business, you need to make sure it is well protected against common risks and unforeseen events. Before you do this, it’s a good idea to compare quotes from commercial insurance companies.

The location of your business and the industry in which you operate play a role in the type of quotes you get. Some industries are clearly considered more “dangerous” than others. For example, a business where mostly everyone stays in the office won’t need as much coverage as a business that deals with construction.

Commercial General Liability (CGL) may not cover 100% of all possible risks an organization may encounter during its lifetime, but it generally covers the most common types of risks. Some business owners choose to purchase additional insurance, such as libel protection and liability for employment practices (wrongful termination or discrimination).

What about theft? Commercial insurance companies usually only provide theft protection for third-party losses for which a company may have some sort of responsibility. If you want cover for your own business property, you may have to pay extra to have it included in your policy.

Payment options used by common commercial insurance companies

What payment options do you have? How you are charged and how you are supposed to pay depends on the insurance company. Before choosing a quote, check if you can pay with your preferred method, be it with a 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. Not all of them do this, though, so take the time to read the payment requirements and fine print carefully.

Another thing to do is to find out how the claims process works. Should you ever need to file a claim, the process should be available to you 24/7. All you have to do is contact the insurance company to make the report, and representatives should begin your defense immediately. If necessary, your insurer will appoint a lawyer for you.

Out of all the commercial insurance companies, is there one that is really reliable and offers all these services at an affordable price? Reviews of Hiscox Business Insurance are almost always guaranteed to be positive. It’s definitely worth considering. Request a quote on the website or call 1-866-283-7545 to speak with a licensed small business insurance agent.