Save up to 75%
Get a Free Insurance Quote Now!
  •  Privacy & Security Protected

Business Insurance Reviews

Using Commerical Insurance Reviews & Ratings to Select the Best Company

Business owners should consider carefully when choosing a commercial insurance provider. Commercial insurance must cover not only the owner of the business and his/her family, but also other people, such as employees, contractors, and others involved in the business. What should you consider when choosing an insurance provider? Here are some things you should consider when finding a provider.

Why Have Liability Insurance?

A business has special responsibilities. You have to worry about liability stemming from products you deal with, mistakes that employees might make, and other issues which might put you in legal situations with clients, customers, vendors, or others. Insurance was established partly so that people would have a recourse rather than court cases when dealing with these issues and provide a way to pay for liabilities outside of the legal system.

How to Choose the Best Company

When you are searching for an insurance company to handle your commercial property or other liabilities, you should consider a number of factors. One of these is the type of coverage you will need. Below we discuss the different types of coverage. When deciding what type of coverage you should carry, you should always consider your individual business needs, the amount of risk you have in your business that you need to cover, and the likelihood that you will need to file a claim in the different areas. You should also consider the reputation of the company that you are considering and make sure that they follow the requirements for compliance regarding meeting their obligations on claims, paying claims in a timely manner, and that they meet the state reserve requirements for having enough money to back any claim that might come through their office.

Types of Coverage

There are many different types of insurance coverage which commercial property and business owners should consider. You many not necessarily need all of them, but each one has a certain type of value that is unique. Consider each of these and think about your own business and decide which are needed in your case.

General Liability

General liability insurance covers any major issue regarding liability that might occur within your commercial business. Some examples of general liability include: accidental death, illness or injury caused by factors in the work environment, or other factors that are not related to negligence or the fault of the victim, but which are inherent in the business as a risk to employees. Businesses related to industry and manufacturing such as processing plants and factories are most likely to need this type of insurance.

Product Liability

Product liability covers any incidents stemming from a fault product which causes injury to others or which results in less-than-expected quality. Lawsuits could arise from any product malfunctions that is dangerous to or causes harm to others, including babies, pets, and others. Carrying product liability insurance helps thwart these cases by paying the claims when they come up.

Professional Liability

Unlike product liability, professional liability is focused on people, rather than products. This type of insurance has to do with how well a person did or didn't do their job and whether they exercised due diligence in cases which involved important aspects of others' lives or well-being. For example, if an employee who is a mechanic accidentally installed the wrong part in someone's car and this resulted in a collision, you could be held responsible as a business owner, for the mechanic/employee's mistake. Having professional liability insurance would usually cover the costs of such incidents, and void a lawsuit in most cases.

Commercial Property

Commercial property insurance protects your investment in your property, in the event of robberies, storms and floods, and other events that damage your property. Commercial buildings, commercial cars and equipment, office space, and even items purchased to run your business can all be included in commercial property insurance.

Home-based Business Insurance

For those working on a business from home, home-based business insurance is a good option for these work-at-home business owners, who do not have traditional commercial space or properties to consider. Unlike the traditional commercial business owner, this person's office space, possessions, and anything else used in the business, including portions of the house, can be included. This type of insurance protects home-based business owners in a similar way to commercial property owners.

Commercial Auto

If you have a company staff car or other official business transportation, you should consider having commercial auto insurance. Unlike regular car insurance, this type of insurance covers any accident, damage, or theft that occurs when using the automobile for company events or daily transportation needs.

Workers' Compensation

Workers' Compensation is a necessary type of insurance, as it covers employee issues including injuries and sickness which may occur as a result of your work environment.

Things to Consider When Choosing a Commercial Insurance Provider

No matter which of these types of insurances you choose to carry, it is important to consider the amount of coverage you need, versus the amount of risk you have in each situation. A licensed insurance agent can answer your questions regarding these issues and advise you on how much insurance you should carry, based upon your business investment and needs.

Financial Ratings

When considering a commercial insurance provider, always look to established ratings systems such as AM Best, S & P, and Fitch, to determine the provider's reputation for claims handling (do they pay their claims?), customer service and billing, and overall satisfaction levels. By looking at the reviews submitted by consumers you are considering, you can make a more educated guess and assessment regarding various insurance companies, based on your need as a business owner.

You can learn a lot by listening to what other say. But in the final analysis. only you know what your level of investment is in your commercial business, property, and buildings. Think about how much you can afford to lose if something happened where you would be paying out of pocket expense, weigh the level of risk, then decide how much insurance you should carry in these categories, in order to secure your investment. Protecting your investment is one of the single most important things you can do as a commercial business owner.