Commercial Insurance for Sensible Businessmen

by Guest » Wed Mar 15, 2006 05:52 am
Guest

Commercial insurance protects against perils caused to your business. Individuals, who plan to set up a business, should most definitely consider getting commercial insurance. This kind of insurance has 3 common types:

  1. Property Insurance
  2. Liability Insurance
  3. Worker's Compensation

Filing a commercial insurance claim

Having to file commercial insurance claim would mean that disaster has already struck even if none of us want that to happen. However in the unfortunate event that you do need to file a claim, the process gets completed in a few steps. Of course, individual cases will vary. The steps that form the claims process are:
  1. Informing the concerned authorities like police, fire department about the accident/incident that has taken place.

  2. Contacting your insurance provider and provide them important details.

  3. The adjuster assigned to your case by the insurance company should contact you within 24 hours.

  4. Preparing a claims diary where you can write down the details of the conversation you had with your agent or other relevant people in the process.

  5. You need to help the adjuster asses the depth of your loss. You must provide a copy of the document prepared by you and keep a copy with you for reasons of safety.

  6. The adjuster will offer you a settlement amount after assessing your loss. If you agree then he/she will arrange for payment or replacement of property as per the terms of your policy.
Protect your business from unknown perils with commercial insurance. It is definitely better to have protection than feeling helpless when damage occurs. There are several on-the-job accidents that may take place and companies need to compensate for that. You do not know how much money you would have to pay and hence, it is a sensible idea that you invest in commercial insurance to be able to bear the losses, whatever be the amount.

What are the different types of commercial insurance for small businesses? To what limit do I need them?

Total Comments: 12

Posted: Wed Mar 15, 2006 06:15 am Post Subject: Purchase value

Hi,

The actual value of a property can be arrived at by deducting the depreciable value from the replacement cost. Again the replacement value is calculated as the cost of replacing the item without eliminating the depreciation. Hence the actual value of the property along with an amount agreed upon determines the purchase value of a property insurance.

Hope this would help!

Posted: Wed Nov 05, 2008 10:32 am Post Subject:

Hi, we all should first understand the actual purpose of small business insurance. Commercial insurance for small businesses protects your relationships with other businesses. Whenever you're gonna lease any space for your office, you'd need to produce a certificate to your landlord stating that your business would not vanish under circumstances that you meet with unforeseen losses or damages. That is truly important!
Crossbreed

Posted: Wed Nov 05, 2008 12:15 pm Post Subject:

This commercial insurance for small businesses would definitely cover your business property.
A list of business properties would be included in this coverage-


  • Buildings: You would need to cover the building that your own in case you are carrying on your business operations from within it. Alternatively, if you lease a premise you should have it from the landlord.

  • Personal property: Machinery, tables, chairs and other personal assets.

  • Income loss

  • Natural disturbances (Flood, earthquake etc.)


Purpleheaded08

Posted: Wed Nov 05, 2008 02:00 pm Post Subject:

Hi all..
For small business insurance companies it is easier to forward the rates and issue commercial insurance for small businesses within just a few days. It would just take them minutes before they would issue the binders, endorsements or other associated certificates. The insurance company would directly charge the customers. The volume of cash flow circulated is huge due to a number of payment options. Mermaid-attitude

Posted: Wed Nov 05, 2008 02:12 pm Post Subject:

Hey!
Commercial insurance for small businesses would also cover you for the workmen's compensation. I'm sure if you are aware of the fact that if you have employed some one in your business operations, then you ought to maintain workmen's compensation insurance.

I think to begin with you may seek the help of the State Compensation Fund. With an increase in your operations, you may go for better coverages.
Caroline_merquez

Posted: Wed Nov 05, 2008 02:16 pm Post Subject:

With an increase in your operations, you may go for better coverages.


Certainly!
I've heard of worker's compensation insurers who'd support you with other services like risk management. They would also reach out for loss-control activities. These activities would help to reduce your claims expenses for over a period of time. Got that!
BarbieL

Posted: Wed Nov 05, 2008 02:22 pm Post Subject:

Hi OP,

You should never forget to save some for the liability coverage if you choose to lease the premises. You may opt for a comprehensive general liability policy. The benefits of such a policy could be summarized as follows-

* Personal injury

* Fire legal liability

* Medical costs

* General premises liability

* Operations costs

So, now you know..there are quite a few!
OldmanGarcia

Posted: Wed Nov 05, 2008 05:39 pm Post Subject:

This is actually a loaded question. When dealing with commercial insurance for small businesses there is not one policy that will take care of everyone. I personally would like to know what type of business this is. Once I find that out I would create a package to fit your needs. Say you are a retail store that is leasing the building and has two employees. Then you would need a BOP (Business owners policy) which will include the leased property, contents and liability. Since you have two employees you need a workers comp that will be based on employees and total sales.

Now if you are a small restaurant that all will change because you would need a CGL (Commercial General Liability) that would have to include enhancements to increase spoilage due to loss, liquor liability, etc. including again your liability, contents and building coverage. Along with that you would need a higher workers compensation policy because you obviously have more employees in different atmospheres.

Now say you have a (few) company vehicle(s). Now you need to pick up an Auto policy covering everyone who might be driving. Also, throw in an Umbrella policy to increase your limits so you are covered.

As you can see your policy should be structured to fit your specific business needs. My company has many different policies to fit many different business and each are different even if it is some minor supplemental protection coverage.

I know...shut up already. That is all I have for now. If you want more...I can keep going. :lol:

Posted: Thu Jul 01, 2010 01:30 pm Post Subject: business

property,business,equipment

Posted: Thu Jul 01, 2010 01:35 pm Post Subject: business

small business and commercial insurance

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