Understanding your commercial coverage.
Many business owners attempt to make coverage decisions for their company even though they are not familiar with the insurance industry. This is problematic because making uninformed coverage decisions can leave you exposed to many risks and can end up costing you a lot of unnecessary money. That being said, you may not know where to begin when it comes to educating yourself. One of the best ways to start learning is by speaking to an experienced insurance expert and asking them some important questions. Here are some of the things that you should ask your insurance representative.
- Do I have enough coverage?
To protect your business, you need to set your coverage limits high enough that your company has a chance of recovering after a catastrophic disaster. Taking steps like calculating your business’s assets and totaling the cost of equipment, supplies, inventory, and other property can help you determine how much coverage you need to safeguard your business. If you own your commercial building, then you should also account for the cost of completely rebuilding the property should it be destroyed in an accident.
- What does my policy not cover?
Before signing off on a commercial insurance policy, you need to know what types of perils are excluded from coverage. Once you know about your policy exclusions, you need to consider how likely you are to face these risks. If your business stands a good chance of encountering an excluded peril, then speak to your insurance provider and see if you can secure a policy endorsement or separate insurance policy to get the coverage that you need.
- How do I file a claim?
Business owners need to know how to file a claim to ensure that they are getting all the coverage they are entitled to. The best way to access the coverage that you need as soon as possible is by filing a claim as soon as the incident occurs. Knowing how the claims process works ahead of time will save you valuable time during an emergency.
These are some of the questions that you should ask about your business insurance. Do you need help with your commercial coverage? If so, then contact the experts at James Page Insurance. We are ready to assist you with all your insurance needs today.