Commercial Insurance Comparison
All businesses should have commercial insurance coverage so that they have protection against unexpected loss. Just like any insurance, rates and coverage will vary between commercial insurance companies. Therefore, it is wise to shop around for not only the best rate but the best coverage too.
Before you begin to shop for commercial insurance service, make sure what features will be ideal commercial insurance coverage for your business needs. While there are many commercial insurance services on the market, the basics that are the most important for any businesses to have include general liability, property and workers compensation.
Your general liability insurance should provide coverage for not only damages against you but the legal costs as well. General liability commercial insurance coverage is needed for protection against claims made against the business for things such as advertising injury, bodily injury by non-employees; damage of property, malicious prosecution performed by the company and personal injury through false imprisonment.
Commercial insurance coverage for property is the loss of physical possessions from accidents, fire or theft so that office equipment and furniture can be replaced as well as any inventory and supplies. It should also include replacement or repair of the building too. This replacement reimbursement is usually based on the value of items lost.
Or the loss can be reimbursed based on value of depreciation in cash form, these are options that you can choose when shopping commercial insurance policies. By going with the depreciated cash value commercial insurance coverage, the monthly premiums are lower. The downside to the depreciated cash value is that should there be a loss, the estimated value may not be the same of actual replacement cost.
A commercial insurance coverage of workers compensation awards cash settlement to employees that are injured on the job. It also compensates the employee if they become disabled from an injury while on the job. This type of commercial insurance coverage is law in most states.
After making sure you understand the different commercial insurance policies consist of, a complete and thorough commercial insurance comparison of several commercial insurance companies is best. You can compare the different commercial insurance policies and pricing to make certain you get the best that you can afford and the best coverage you need.