When you are looking for a new business insurance policy or you are reviewing an existing one, there are several basic areas of information that you need to know. Here is a short list of commercial insurance questions to ask your agent or potential provider.
What is or isn’t covered in my policy? While some might consider ignorance is bliss, this isn’t true about your coverage. Have your agent fully disclose the details of your policy in light of your business operations.
What are the limits on my policy? Having insurance is helpful, but only when you have enough coverage. Check on the limits of your policy to ensure it will meet your needs. If not, ask how to extend the coverage or bundle services. Find out if your coverage is enough for everyone employed.
What do I do when there is a claim. Find out what happens to the business responding to the claims as well as what will occur for the employee who makes the claim. This is important to resolving claims to the satisfaction of all involved.
In addition to these, good commercial insurance questions will address how to pay for the policy and compliance with any state regulations. Armed with this information, you can make the best decision for your company.