The 5 Things You Should Think About When Buying a Commercial Insurance Policy
Commercial Insurance in Houston
Your company will help to shape the financial future for yourself and your family for generations to come. Therefore, you should do what is needed to protect it, starting with a quality Commercial Insurance policy. Here are some things to consider when choosing the best plan for your business.
1. Have the Right Coverage for Your Business
There are so many different types of companies out there, and that’s why there are different coverage options for business owners who want to take out an insurance policy.
For example, if you own a warehouse that deals with hazardous material, for example, you will need to focus on Liability and Worker’s Compensation insurance more than perhaps a restaurant or a company that only deals with finances.
2. Consider the Size of Your Business
It’s important to find coverage that will match the size of your business. If you own a small business with fewer than 100 employees, you will want to take out a standard small business policy, also known as a BOP or Business Owners Policy. This option allows you to affordably protect your business without paying for coverage you don’t need.
At the same time, large businesses often require additional coverage that a small business policy cannot provide.
3. Does Your Company Use Vehicles for Business Purposes?
If you use a company car to make deliveries or visit clients, you should have a Commercial Auto Insurance policy. Commercial auto insurance helps cover the costs of any work-related loss that a personal car insurance policy may not cover.
4. Do Customers Visit Your Place of Business?
If customers visit your place of business, whether it is an office building, retail store, or warehouse, you need liability coverage. This type of insurance coverage will protect your company if a customer becomes injured on your property. It can pay for medical benefits for the customer if needed and pay for any additional legal fees that you may incur.
5. Make Sure Your Policy is Always Up to Date
The rules for Commercial Insurance, as well as what is available from each company, can change from one year to the next. At the same time, your needs as a business owner can also vary, which means that you may need to take out more coverage to protect your investment.
Always review your commercial insurance plan with your agent annually to find out if any changes need to be made. You don’t want to wait until you must file a claim to find out that you don’t have adequate insurance or learn that you have missed out on a special discount.
Source: protectiveagency
Commercial Insurance in Houston.
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