• January 18, 2017

Questions You Should Ask When Choosing Commercial Insurance

Questions You Should Ask When Choosing Commercial Insurance

1024 682 Patrick J. Thomas Agency

When looking for reliable and affordable liability insurance, there are many questions that you should ask in order to make sure that you are getting the right policy for the right price.

Liability insurance can be customized to meet your company’s specific needs, so no matter which industry your business belongs to, here are the questions you should be asking:

Which Type or Types of Commercial Insurance Do I Need?

From property liability, which protects your physical assets (building, equipment, etc.) to professional liability insurance, which protects you from potential negligence claims or allegations, there are a lot of different coverages to choose from.

Your commercial insurance agent should be well-versed in the different types of coverage available, and they should understand which types apply to your business. Make sure you are only being offered and sold the types of coverage that your business needs to protect itself.

What are the Limitations in Coverage?

Make sure your agent spells out precisely what is covered under each type of plan and what the limitations of the payouts are. You want to make sure that you are fully covered should something go wrong. Make sure to check these limits:

  • Aggregate limit: how much a plan will pay out for the entire year.
  • Occurrence limit: the maximum that a plan will pay for each individual claim.

Your insurance coverage should fully cover your business based on your assets and particular line of work.

How Can I Lower My Premium?

Contact us and we’d be happy to help discuss your policy options. Everyone wants to save costs but it is important to understand that a cheap price doesn’t mean you have the proper coverage and that could be exposing your business to a loss not covered by your insurance. We can talk with you about your business and the type of insurance you are seeking, and some provide options regarding cost.

Choose the Right Agent

At the Patrick J. Thomas Agency, our agents can help you find and purchase a plan that is specifically tailored to the needs of your business. In order to fully protect your assets, you need insurance that will keep you covered every step of the way.

To get started on finding the right commercial insurance for your business, contact us today.

 

Disclaimer: this is for informational purposes only and is not intended to be legal advice. If you need legal counsel, please contact an attorney directly.