5 Essential Commercial Insurance Tips

insuranceNo matter if you have a small, medium, or large business, getting the right kind of insurance that covers every kind of situation will save you a lot of money in the long run.

You need protection against things like a potential lawsuit from an employee, theft and robbery from your premises, or even something simple like faulty gas scrubbers that require an immediate replacement.

Here are 5 essential commercial insurance tips:

Go with a broker

One of the best ways to find the exact kind of commercial insurance that matches your specifications is to go with an experienced broker.

The reason? Because they will be able to “mix and match” your policy from different insurance companies, so you end up with a unique policy that gives your business the most amount of protection possible.

Shop around

Luckily, there are many brokers out there, which means it’s always a good idea to shop around and speak with a few so you have some bargaining power when it comes to negotiating your monthly premiums.

While you don’t always want to go with the cheapest quote, it doesn’t make any sense to pay outrageous prices when you don’t have to.

Check the policy

Before signing on the dotted line with your new commercial insurance policy always check the small print and terms and conditions. In fact, get a lawyer to do this for you, as they will be able to interpret a lot of the jargon that is often associated with these kind of policies.

Don’t skip this important step, because if something isn’t right with your policy then you might not have full coverage which could leave your business vulnerable.

Make sure you comply

There are many cases where a commercial insurance policy became invalid due to oversights made by the business owner, and this ultimately led to not being able to claim when something happened.

As an example, a policy might state that a certain alarm system must be used on your premises, while 2 security guards must be on site at all times. If this is not followed by yourself, then if something does happen you won’t be covered, so make sure you always comply.

Report incidents immediately

In order to give yourself the best possible chance of success when claiming on your commercial insurance policy, it’s essential that you report any incidents immediately. The longer you leave it, the more chance your claim will be denied, so understand that time is of the essence.