How Professional Commercial Insurance Agents Cover Your Business Risks
As a business owner, the one constant on your mind is risk. It’s a pesky business norm that lurks in every aspect of your business and draws your concern even before you open your doors for your first customer.
Whether someone from outside your business causes harm, an employee suffers an injury, or a natural disaster destroys property, accidents and incidents happen. A commercial insurance policy can help safeguard your business from financial loss.
A commercial insurance agent can help you get commercial general liability insurance, workers’ compensation insurance, commercial property insurance, and a business owner policy to help ease your mind about your business risks.
Here’s how a professional commercial insurance agent covers your business risks.
What Is Commercial Insurance Risk?
Commercial insurance risk is an assessment that an accident or incident will occur that will result in a loss for your business. Actuarial models analyze historical claims data to show how likely an adverse event is to occur. The analysis is specific to your business and tells how much the accident or incident is likely to cost.
If the accident or incident happens, you file a claim with your insurer and the insurer pays on the claim if the accident or incident was a covered event.
How a Commercial Insurance Agent Covers Your Business Risks
No matter the size of your business, you need business insurance. A commercial insurance agency can properly cover the risks in your business. Here’s what to expect from your professional commercial insurance agent:
Assessing Risks
Your commercial insurance agent will come to your business and assess your operations for the potential risks of theft, fire, accidents, natural disasters, or professional liability, depending on your industry.
Customizing Policies
Your commercial insurance agent will let you know about policies and coverages. Based on the risks identified, your agent will recommend specific policies for general liability, property insurance, workers’ compensation, and business interruption insurance to cover your risks.
Comparing Options
As an independent agent, your commercial insurance agent can compare options from multiple insurance carriers. This can help determine which insurance company can give you the most value — the appropriate coverage at the best price.
Explaining Coverages
A professional commercial insurance agent will take the time to explain any complex insurance terms and conditions in language you can understand instead of the legalese written into policies. Your commercial insurance agent wants you to fully comprehend your policies.
Assisting With Claims
Once the risks are covered and the policies are in place, your commercial insurance agent will help you through the claim process if a covered event occurs. Your agent also will advocate for you with the insurance company.
Reviewing Policies
Your commercial insurance agent will regularly review your insurance policies as your business grows and evolves. As your business changes, your risks change and may require different coverages. A regular review can help keep adequate coverage in place.
Your commercial insurance agent effectively acts as a guide to safeguard your business against financial losses.
Commercial Insurance Can Help Watch Over Your Business
Uncertainty is a part of every business. Working with a commercial insurance agency to prepare for the known risks can help you sleep at night with the knowledge that you’ve properly safeguarded your business from financial ruin.