Commercial Insurance Quotes and What it Takes to Get Them

Running a business with insufficient insurance coverage (or none at all) is dangerous! If you have recently started a business of your own, or you have recently experienced changes to a business you have had for years, then it is time to look at your insurance needs. So what is holding you back? Are you apprehensive about asking for commercial insurance quotes, because you are unsure of what it takes? Well, it doesn’t have to be difficult, as long as you remember that the key to getting a commercial insurance quote – or any insurance quote – is information. Having enough information, and having the right information, is crucial for an insurance agent to give you a realistic quote. More so with businesses than for private purposes, since businesses vary so much from one to another. It all depends on what you want to insure.

All businesses need commercial liability insurance, to provide coverage in case of damage to a third party – even if they don’t need anything else. A simple commercial general liability insurance may be all it takes, but even this requires some information for a proper quote to be given. It may be information about what you produce/offer in your business, the physical location of your business, and access to it. If clients must climb up a rope ladder to enter your office through a tiny window in your medieval stone tower, then that might affect your liability premiums a little. You should expect to provide this sort of information for a quote to be given. Commercial liability insurance can also be part of commercial motor insurance. In this case, the insurance agent will want to see drivers license numbers of anyone who will be driving the company vehicles. This is in order to pull information to assess the risk of letting these people drive a car, and thus deciding what the premium should be.

This was just an example of what information you should be ready to present, when asking for commercial insurance quotes. If the thought of talking with a commercial insurance company on the phone or in person intimidates you; you will be glad to learn that there is such a thing as online commercial insurance quotes. This is really a great way to get started with the process of buying insurance, because it allows you to gather your information and present it at your own pace, instead of getting stressed out from the feeling that you have to “perform” in front of an insurance professional. You may still need to schedule a meeting or two down the road with an agent, but by then you will already have presented your business and your needs, and can relax a bit more. This approach certainly works for me.

Why Should You Take A Commercial Insurance Policy?

It has been said time again that nobody knows what the future holds. Indeed, there is no way of telling what is likely to happen in the future. It is due to the uncertainty that the future holds that it becomes extremely important to always be prepared in case a calamity or misfortune should strike. One way of preparing for uncertain future misfortunes is by taking an insurance cover. There are many types of insurance covers and one such cover is the commercial insurance policy. This article explains what commercial insurance policy is and the reason why all business owners need to take it.

Commercial insurance policy is an policy that is tailor-made for business owners. It is a cover taken by all people who own businesses as a pro-active protective measure for their businesses. There are many types of commercial insurance policies and each is unique to cater for specific needs of business owners. It is very important for business owners to take up this form of policy to avoid incurring hefty losses in future. Besides acting as a precautionary measure, business insurance policies have other benefits to the business owners.

These policies protect a business against any form of loss that is uncertain or unforeseen especially law suits by employees or competitors, interruption of business, injuries suffered by employees in the course of duty among other eventualities. Taking a business insurance cover ensures that a business is not at the risk of collapse or closure should any misfortune occur. Business insurance covers are also useful in increasing the value that a business has.

One of the insurance policies that you will find under business insurance cover includes disability insurance. This form of insurance policy is important as it ensures that in case a business owner suffers a disability as a result of an accident or injury, the business will not be interrupted in any way. Other policies include those that cover the property of the business. This policy ensures that should any or all of the property of a business be destroyed, the business owner is compensated and indemnified by being taken back to his financial position prior to the occurrence of the calamity.

It is important to note that the importance of these policies should not be underestimated by any business owner. These polices are not optional to business owners because failure to take up these insurance could prove to be very costly in future.

When you are looking to apply for business insurance policies, it is important to be well advised so that you pick on a policy that best represents the needs of your business. It is also important to note that there are numerous insurance companies that offer these policies at different rates. You therefore need to be advised accordingly so that you can go for the insurance provider who is most suited to your business’ needs.

Understanding Commercial Insurance

While some of the smallest businesses, like one-person operations, can go without commercial insurance, for most businesses it’s a must. Most small and medium-size business can forgo the complexity of purchasing multiple policies by getting a business owner’s policy (BOP), which is basically a bundle of essential coverage types.

The options packaged in a BOP vary, but almost every plan at least contains some level of business property insurance to cover the office building itself. Other common options are commercial liability insurance, business contents insurance, business interruption insurance and commercial vehicle insurance. Unlike business property insurance, business contents insurance covers the items inside the office, such as computers, uniforms and inventory.

The level of commercial liability coverage included in a business owner’s policy may not be sufficient for large businesses, and in some cases, not even for small businesses. Liability insurance is designed to protect firms from lawsuits for personal injury, advertising injury and property damage. “Advertising injury” refers to claims that have to have to do with defamation or intellectual property: i.e. copyright and trademark infringement, libel or slander.

Imagine a case where a self-employed designer, who wouldn’t ordinarily seem like a candidate for liability coverage, created a logo for a client, only to be sued for trademark infringement by a company with a similar logo. Most business owners associate commercial liability insurance with manufacturing and construction firms that are more accident prone by nature, but the possibility of any company being sued shouldn’t be underestimated. In today’s litigious society, even the smallest businesses are vulnerable to frivolous lawsuits.