What You Need to Know When Applying for Commercial Insurance

Small Business OwnersJust like a car needs to be protected with auto insurance and your property with home insurance, a business needs to be protected with a insurance policy. Many business owners are not sure what this type of insurance is or whether or not they to need to invest in it, so let this serve as your guide to understanding an insurance policy for commercial entities.

Applying for insurance of any kind can be a long process, especially if you don’t have all the right information on hand straight away. If you decide that commercial insurance in necessary to protect the financial assets of your small business, you may wonder what is required to begin the process of application.

Property Information

Most businesses are seeking to protect a physical space, such as an office or warehouse. In this case you need to provide your ownership documents for the space, the date the structure was built, square footage and details about the construction, exits and fire prevention plans and sprinklers.

Employee Details

You will usually need to provide at least minimal details on each employee on your staff. More details will be required of the specific applicant, owners of the company or managers. Expect to need to present a driving history, identification, social security numbers and anything else requested along this vein.

What You Need to Pay

In order to secure an insurance policy that protects your business, you will need to pay a monthly premium that is dependent on the value of your business and the liability you need to have covered in the case of an accident or legal trouble. Just like most insurance policies, you will also pay a deductible before coverage will begin in the event that it is needed for a substantial amount.

What the Provider will Insure

In exchange for monthly payments, a business owner can expect that their company premises will be covered in the event of a fire, flood or other disaster. Stock and equipment will also be covered, and employees will be protected while onsite.

By understanding what commercial insurance is, you can determine whether it is right for you and your business.

By gathering all the property information and employee details, along with any information about your assets and the net worth of the company, a company can create a quote for your commercial insurance policy. For more information, contact an insurance agent in your area.

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