Here are some of the things you should ask your insurance agent about.
As a business owner, you want to do everything in your power to protect your company. This is why it’s so important to have the right business insurance in Detroit, Michigan. Unfortunately, many business owners do not know enough about commercial insurance to make informed coverage decisions. This is why it’s so important to work with an agent that you can trust. Here are some of the basic commercial insurance questions to ask your agent.
- What types of commercial insurance are most essential?
Typically, general liability, commercial property, and workers compensation are the most basic business insurance options. However, your business will need more coverage than these base policies can offer. Your coverage needs will differ depending on the type of business you operate. Your business’s location will also affect your coverage needs. So, speak to a qualified agent to ensure that you have comprehensive commercial coverage solutions for your business.
- When should I file a claim?
The more claims that you file, the higher your insurance costs will be. Additionally, if you file too many claims in a short period of time, then your insurance provider may deem you too high-risk to cover and could actually cancel your policy. This is why you shouldn’t file a claim for every little issue that your business runs into. Typically, you should only file claims for damage events that exceed the cost of your deductibles. Otherwise, it’s usually better to cover the cost of repairs out of pocket. Keep in mind that you should always file claims for liability and workers compensation issues to protect your company from potential lawsuits down the line.
- What does my coverage cost?
The cost of your commercial insurance is dependent on a variety of factors. The type and amount of coverage that you have, your business’s individual risk factors, and the location of your building are just of few of the many factors that can affect the cost of your coverage. To ensure that you aren’t overpaying for your coverage, make sure you compare quotes from several different insurance providers. Additionally, ask your agent about ways to save. Business owners can usually save on their insurance by increasing their deductibles and employing safety measures in their workplaces.
These are some of the important commercial insurance questions to ask your agent. Do you have additional questions about your business insurance in Detroit, Michigan? If so, then contact the experts at CIA Insurance and Risk Management. We are ready to assist you with all your coverage needs today.
Post written by Mike Rutkowski, Advisor | Commercial Risk Management (CRM)
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