Important questions to ask when securing business insurance.
Part of running a business is securing the right commercial coverage. However, with all the carriers and coverage options out there, it can be difficult to determine which policies are right for you. To ensure that you are getting the coverage that you need, here are some of the important questions to ask when securing business insurance.
How do I know what policies to get?
Every business has its own unique risk factors. Ultimately, your business’s risk will inform your insurance decisions. However, there are some basic commercial insurance policies that almost every business needs to have. The following types of coverage are essential:
- General liability
- Commercial property
- Workers compensation
- Professional liability/errors and omissions
How much coverage do I have?
You obviously need to secure enough coverage to meet your business’s needs. This is why it’s important to ask how much your policy will cover. Policies typically have two kinds of coverage limits; aggregate and per-occurrence limits. An aggregate limit is the maximum amount that your policy will pay in a single year for all your claims combined. A per-occurrence limit is the maximum amount that you will be able to receive for a single claim event. Make sure that you understand each of these limits and ensure that they are high enough to address your business’s risks.
How do I submit a claim?
Before securing a commercial insurance policy, you need to ask your insurance provider about the claim filing process. This way, you know how to act quickly if a claim event does take place. Keep in mind that you will probably not speak to your agent when filing a claim. Instead, you will go through your carrier’s claims department.
These are some of the important questions to ask when securing business insurance. Do you need help with your commercial coverage? If so, then contact the experts at 01 Insurance in Astoria, New York. Our dedicated team is eager to get you covered today.