Ask Your Agent These Commercial Insurance Questions

Ask Your Agent These Commercial Insurance Questions

Understand your business insurance by asking questions.

As a business owner, you are an expert in your industry.  However, this does not mean that you are an expert on your business’s insurance needs.  This is why it’s important to work with a reliable insurance agent who specializes in commercial lines.  To help you make informed coverage decisions, ask your agent these questions about your business insurance coverage.

  • What are the essential types of coverage?

General liability, commercial property, and workers’ compensation are the most basic business insurance options.  However, your business will need more coverage than these base policies can offer.  Your coverage needs will differ depending on the type of business you operate, your business’s location, and other important factors.  So, speak to a qualified agent to ensure that you have the comprehensive commercial coverage that your business needs.

  • When is it appropriate to file an insurance claim?

Filing too many insurance claims in a short period of time will raise your insurance rates and can even result in a policy cancelation.  This is why you shouldn’t file a claim for every little issue that your business faces.  For instance, you should only file a claim for damage events that exceed the cost of your insurance deductible.  If the damage costs less than your deductible, then you are better off paying for repairs out of pocket.  Please note that you should always file claims for liability and workers’ compensation issues.  Even if these problems seem low-cost, they can quickly lead to expensive lawsuits.  Failing to file a claim as soon as the issue arises would leave you stuck covering all your legal and settlement costs out of pocket.

  • How much will my insurance cost?

The cost of your commercial insurance is dependent on a variety of factors.  The type and amount of coverage that you have, the number and type of risks that you face, and the location of your business are just of few of the many factors that can affect the cost of your coverage.  To ensure that you aren’t overpaying for your coverage, make sure you compare quotes from several different insurance providers.  Additionally, ask your agent about ways to save.  Business owners can usually save on their insurance by increasing their deductibles and employing safety measures in their workplaces.

These are some of the important commercial insurance questions you should ask your agent.  Do you need help with your business insurance?  If so, then contact the experts at James Page Insurance.  Our dedicated team is eager to assist you with all your coverage needs today.