10 Commercial Insurance Questions to Ask Your Agent
Before you start shopping for insurance, consider these questions. You can ask you agent these questions as you look for the right coverage for your small business. The more you know, the better decision you can make when it’s time to buy coverage!
- What types of insurance are available to small business owners?
You should consider what type of coverages are available to you as a business owner. It can help you make a more informed decision as you shop for insurance.
- What insurance should I consider and why?
Your agent will help you assess the types of coverage you need to help protect your business. They will also be able to answer any questions you might have about the coverage.
- What are the policy’s limits?
Your commercial insurance policies have limits, or the amount that your insurance will cover. Make sure this is enough to adequately protect your business
- What does this policy NOT cover?
While it might be clear what coverages do cover, sometimes what they don’t cover is equally as important. For instance, flooding is often a separate policy. If you do not have flood insurance, then you might run into some trouble if flooding occurs.
- How and when do I submit a claim?
If you have not submitted a claim before, this process can be a bit daunting. Your agent will help give you some pointers and guidelines on how to do this if need be.
- Are there any discounts?
There are many discounts that insurance companies offer. You should ask your agent about them to see if you qualify for any. It never hurts to ask!
- What’s the cost of coverage?
The way that insurance coverage works, there is a premium and a deductible. Your premium is your annual cost of coverage. Your deductible is how much you will need to pay out of pocket before your coverage kicks in. Talk about these numbers with your agent and make sure they are the right amounts for your business. Often a higher premium will result in a lower deductible, and vice versa.
- How do I protect my property?
Depending on where your business operates, you might need to get coverage to protect it. Talk to your agent about this to make sure that the building and contents are protected.
- Can I get more coverage?
You can ask your agent about possible gaps in your coverage. You should also ask about potential umbrella policies and how they could benefit your business. Every business is different, and your agent can help you navigate through the difference coverages available.
- What are the payment options for coverage?
Often, insurance companies will offer discounts if you pay for your coverage in full. But that is not usually necessary. Talk to your agent about how to pay for your insurance and what you can afford.