Because there are many types of business insurance, an independent agent is your greatest asset to help you choose the right coverage for your business. Did you realize that 90% of business insurance is placed through independent agents and brokers? Business insurance contracts are quite specific, and without assistance, it is virtually impossible for a business customer to wade through the myriad of conditions and exclusions. For instance, most business owners do not understand that there are five separate types of commercial business insurance: They are as follows:
- Commercial Property Insurance (covers your stuff!)
- Commercial General Liability Insurance (covers you from being sued)
- Commercial Automobile Coverage (covers your cars)
- Workers Compensation Insurance (covers your employees)
- Commercial Umbrella Insurance (gives you lots of liability coverage)
There are also some minor subtypes of coverage that may be be important, depending on your type of business: These include:
- Employment Related Practices, Directors and Officers coverage (covers employment related issues, discrimination, and acts or failure to act by owners, directors, or officers)
- Professional Liability (covers professional acts or mistakes-insurance agents carry this coverage for providing incorrect coverage or failing to sell proper coverage)
Having all the information above, there are still specific limitations in these policies that you need to discuss with your professional agent. For instance, property policies are packages and you need to address property coverage, signs, money, food spoilage, business income loss, property of others, off premises power failure, ordinance and law requirements, accounts receivable, valuable papers, mechanical breakdown etc. These are all important sublimits that can impact your business adversely.
The intricate details go on and on when it comes to deciding on the right insurance coverage for your business. Miller & Associates are the insurance experts that have the answers you are looking for. We'll make sure that every "i" is dotted and every "t" is crossed. You can depend on us to help you make the right choices for your business! Call us today at (989) 427-5123.