Below are the top 10 most asked questions from our clients. You asked? We answered:
Q: What types of businesses need commercial insurance?
A: Any business that interacts with customers, employees, or other third parties should consider commercial insurance to protect against potential liabilities and losses.
Q: What is the difference between general liability and professional liability insurance?
A: General liability insurance covers bodily injury, property damage, and other non-professional liability risks, while professional liability insurance is designed to protect against claims arising from errors, omissions, or negligence in providing professional services.
Q: Can I bundle multiple types of insurance into a commercial insurance policy?
A: Yes, many insurers offer package policies that can combine various types of coverage, such as general liability, property, and workers’ compensation insurance.
Q: How is the cost of commercial insurance determined?
A: The cost of commercial insurance is based on a variety of factors, including the size and type of business, the specific risks involved, and the coverage limits and deductibles selected.
Q: What is cyber liability insurance?
A: Cyber liability insurance is designed to protect businesses against losses or liabilities resulting from data breaches, cyber attacks, or other cyber-related incidents.
Q: What is umbrella insurance?
A: Umbrella insurance is an additional liability coverage that can provide extra protection beyond the limits of a primary commercial insurance policy.
Q: Does commercial insurance cover damage caused by natural disasters?
A: It depends on the specific coverage selected. Many policies exclude certain types of natural disasters, such as floods or earthquakes, so it’s important to review the policy carefully.
Q: What should I do if I need to file a claim?
A: Contact your insurance provider as soon as possible to report the incident and begin the claims process.
Q: Can I add or remove coverage during the policy period?
A: Depending on the insurer, you may be able to make changes to your coverage during the policy term, but this may result in changes to your premium.
Q: How do I choose the right commercial insurance provider?
A: Consider factors such as the insurer’s financial stability, reputation, and customer service record, as well as the specific coverage options and pricing offered. It may be helpful to consult with an independent insurance agent or broker to evaluate your options.