How To Compare Small Business Insurance Policies
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
How To Compare Small Business Insurance Policies
How To Compare Small Business Insurance Policies. One of the top five reasons why businesses fail is a lack of sufficient business insurance. Often times, small businesses encounter serious difficulties in the understanding, comparison, and interpretation of insurance policies and this may lead to underinsurance which may expose the businesses to devastating compensation claims or repair bill in the event of trouble. Consequently, proper interpretation and comparison of insurance quotes are critical to the survival of a business.
At General Liability Insure, we only partner with the top insurance providers in the market thus ensuring that our clients receive outstanding coverage for their businesses at all times. Our team of experts will always try provide you with the best quotes from these leading providers. In this article, we will empower you with critical knowledge and show you how to compare small business insurance policies to make the best out of these offers by providing you with handy tips which will help you to make informed comparisons between policies.
"Cheap" may be really expensive: Small businesses always find themselves in the unenviable position of having to battle regular liquidity problems. This may force them to make purchase decisions mainly based on price consideration. However, in the insurance world, the premium isn't the whole story and a cheaper policy may not necessarily be the best choice for your small business.
Learn how to compare small business insurance policies for coverage and price so you can find the most affordable policy that fits your businesses needs.
Small Business Insurance Comparison Reference
- Business Liability Insurance vs. Commercial Property Insurance
- Commercial Auto vs. Hired and Non-Owned Auto Insurance
- General Liability vs. Business Owners Policy
- General Liability vs. Errors & Omissions Insurance
- General Liability vs. Professional Liability Insurance
- General Liability vs. Workers Compensation Insurance
What To Look For When Comparing Commercial Insurance Quotes
When comparing multiple insurance offers, always take your time to examine the policies with the aim of picking out the key features which differentiate between alternative policies. A policy may be cheaper than the others simply because its coverage has lower insured limits than for the others or because it has left out some coverage you might require later. It is therefore important to always look beyond the premium and review the policies in totality.
Following are some of the key areas you should look out when learning how to compare small business insurance policies:
Inclusion and exclusion clauses: in the insurance industry, knowing what is in store for you is not an option; it's mandatory! Inclusions refer to the policy provisions of the events or risks which are covered by the insurers while exclusions refer to the provisions of what is not covered.
Understanding the inclusions and exclusions in your policy helps you to chose the optimum coverage and avoid claim-related discontent. When comparing policies, always study them keenly in order to understand what is covered in each and what is not This is how to compare small business insurance policies.
Deductibles and Limits Clauses: Another important way how to compare small business insurance policies is the amounts of limits and deductibles in the policy. Limits refer to the amount that the insurer will pay you for a claim that your policy covers while deductibles refer to out-of-pocket payments you make before an insurer can pay for a covered loss. Limits and deductibles determine your monthly premium and the level of protection and are expressed in dollar terms, though deductibles may sometimes be expressed as a percentage of the limit.
The higher the limits, the more coverage and the higher the premium. The higher the deductibles, the lower the premiums.
When choosing an insurance policy, choose a limit that sufficiently covers your business by shielding it from devastating claims and choose deductibles which your business can afford without a substantial negative impact on your finances. Comparing between multiple policies will not be complete until you have compared the limits and deductions provided for in the policies. This is another way how to compare small business insurance policies.
Your Businesses Potential Growth: When comparing multiple small business insurance policy quotes, always factor in the probability that the business may experience unexpected growth during the year. Business growth may take different forms such as additional staff, new equipment, new products and/or services or new locations. Business growth may affect your insurance needs and this may necessitate your insurance policies to be adjusted midstream to make sure that the new exposures are covered.
Consequently, when reviewing limits, deductibles, inclusions, and exclusions, you should ensure that you leave a little room that can handle sudden business growth without substantially increasing the premiums. This is in important point on how to compare small business insurance policies.
Existing Policies: Your existing commercial insurance policies provide a crucial yardstick for measuring the level-headedness of new insurance quotes for small businesses. If you have an existing policy, make a comparison between it and the proposed one and see what new features are provided for and whether these new features sufficiently fill the coverage gaps, if any, in the existing policy.
Discuss Options With Agents: Reputable commercial insurance brokers have the expertise and the experience necessary to make an informed comparison between insurance policy quotes. This is one of the best ways how to compare small business insurance policies.
In the event that you require help in making sound decisions when comparing insurance policy quotes, always contact an experienced agent to assist you in the process. Insurance agents can help you in the following ways;
- Deciphering industry jargon: The insurance industry is full of legal ease and jargon which can easily confuse an inexperienced policyholder. Insurance agents will provide you with the meaning of these technical words used in your policy as well as explain to you what your coverage entails.
- Assessing your needs: Insurance brokers are able to assess the potential risks your business faces and advise on best the insurance coverage it needs.
- Assist in decision making: Your insurance agent will help you to make informed decisions by pointing out the important differences between the various plans.
How To Compare Commercial Insurance Quotes
At General Liability Insure, we like to help our clients learn how to compare small business insurance policies. The above tips, when properly applied will greatly reduce the pain of making comparisons between multiple insurance policy offers. If you have any questions or concerns about performing a comparison between multiple insurance quotes, approach a General Liability Insure agent today.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, Markel, Nationwide, Penn America, Philadelphia, Progressive, Scottsdale, The Hartford, Travelers, USLI, Western World, Zurich & others.