Could You Classify Commercial or Business Insurance?
Insurance policies tailored to the requirements of businesses come under commercial insurance. Commercial insurance is broadly grouped as property insurance and liability insurance. While property insurance protects the business assets against damage or loss by ensuring a financial payout, liability insurance pays the policyholder in case of a claim against the business by an aggrieved customer for negligence or improper action.
How Can Customers Get Insurance?
Customers can contact a commercial insurance agent to get their coverage. Commercial insurance agents place advertisements publications, telephone directories and local television channels. They also reach out to their customers by hoardings, posters, flyers and direct mail marketing campaigns. Customers can also obtain recommendations on agents from satisfied policyholders. Some commercial insurance agents can help with the needs of small businesses along with personal insurance if required.
How does a Commercial Insurance Agent Work?
Commercial insurance agents conduct a consultation to understand the insurance requirements of the customer. They can also suggest various risk mitigation strategies which the customer can put in place to reduce their premiums, like security devices in all vehicles owned by the business. They can then forward the client information to the insurance company to get a quote for the policy. Independent insurance agents can get quotes from a wide range of affiliated insurance companies. If the quote is accepted by the customer, the insurer issues the policy. The agent collects the premium from the customer. If there is a change in the customer’s risk profile, the agent can request the insurer to issue a policy amendment. Agents can also guide the policyholder with information about the process and procedure to be followed in case she has to file a claim.
How can I get in touch with a Commercial Insurance Agent?
Agents can be reached through their website, over the telephone or by personal meetings. Many insurance agents also offer the facility for customers to request quotes online through their website.
Which are the Commercial Insurance Policies that Businesses Need?
The following commercial insurance for businesses are compulsory: auto insurance covering all the vehicles owned, operated or leased by the business, professional liability insurance, worker compensation insurance and lender-required insurance. Auto insurance should be obtained for boats and ATVs too, if the business uses them Get in touch with your agent to know about the changes in the auto insurance rules and the recommended liability limits for policyholders. Certain professionals can get professional liability insurance to protect their reputation and pursue legal proceedings if a customer claims money for alleged negligence or improper action on the professional’s part. Businesses having at least one full-time or part-time employee must get worker’s compensation insurance. The insurance gives the employee medical coverage and part wages in case of a workplace injury. Lender-required insurance protects the interest of banks and protects the lender’s interest in case the borrower defaults on his repayment.
