Unpredictability is the only predictable thing about business right now. Over the past few unprecedented data breaches, and global pandemics have all taken front stage in the insurance industry. And no business is immune.
With the range of commercial insurance products and policies growing in size and complexity, it’s understandable how researching and securing appropriate insurance can get confusing and pushed down the ‘to-do’ list.
Types of Commercial Insurance
- Business Liability
- Directors & Officers Liability, Employment Practices Liability
- Cyber and Data Breach
- Professional Liability — Negligence, Misrepresentation, Inaccurate Advice
- Business Interruption
- Buildings & Contents & Stock
- Commercial Auto Insurance
- Equipment Breakdown
- Crime by third-parties or employees
Your business needs and deserves a customized insurance program to take care of your specific needs as your requirements are not the same as any other business.
As a business owner, it is essential to have an educated quality insurance broker on your side, someone you trust to take care of your business needs. Understanding your policy wording is crucial.
What sort of thing impacts your premiums?
Regardless of your business’s size, some of the factors insurance carriers use to calculate the cost are as follows:
- Size and nature of business
- Where is your business operating
- Industry & industry experience
- Revenue
- Location
- Prior claims experience
- Number of Employees
Specific variables, such as liability limits and deductibles, also affect how much you’ll pay. These can be decided upon only once you have a clear view of the risks specific to your business.