Business owners must have some form of insurance. Most states require any business with employees to purchase workers’ compensation and unemployment insurance. Requirements can also vary by industry. For example, a real estate agent with a car may have to pay for commercial auto insurance. If you run a business, you need to ensure that you are properly protected against common and unforeseen risks. Before doing so, 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 won’t 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 liability (wrongful termination or discrimination).
What about theft? Commercial insurance companies generally only offer theft protection for third-party losses for which a business may assume some form of responsibility. If you want coverage for your commercial property, you may have to pay more to have it included in your policy.
Payment Options Used by Common Commercial Insurance Companies
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 settling on a quote, check to see if you’ll be able to pay with your preferred method, whether it’s MasterCard, Visa, etc., and if you can pay the full amount annually or just once a month. If you do not wish to pay in full, please note that some commercial insurance companies may charge additional fees for overtime. However, not all of them do, so take the time to carefully read the payment requirements and the fine print.
Another thing you should do is find out how the claims 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 your defense. If necessary, your insurance provider will appoint a lawyer 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.