Be sure your insurance broker answers these questions

Insurance is necessary to protect our pockets and reduce risk of liability without coverage. If you feel confused and overwhelmed when it comes to insurance coverage, you’re not alone – it can be a very detailed process.

Understanding your needs when it comes to a business insurance broker is important. Depending on your personal needs some people opt for minimal coverage while others evaluate that much higher coverage limits are necessary.

The following are a quick guide to questions for your business insurance broker:

  1. What are typically coverage limits for similar businesses? An insurance broker should have the experience of dealing with real claims. The broker can suggest the common pitfalls and necessary coverage. It’s good to know if they have experience working with others in your industry.
  2. What are the deductible amounts available? Sometimes your insurance broker might suggest a low deductible; however, that can often come with a higher premium. Therefore, a higher deductible can result in a lower premium. It’s important to ask and explore the numbers so that you’re paying for the financial prudent policy too.
  3. Is there a grace period to pay balance? You don’t want to loss coverage, so be sure your renewal bill is paid on time or within the grace period.
  4. Are there exclusions in my policy? Depending on the coverage details and policy you must make sure to ask about specific coverage and to note if something important to you is excluded.
  5. Why is business insurance important and is it really necessary? Many business owners are challenged with the expense of coverage so it’s valuable to speak with your business insurance broker to learn why it’s something necessary.

David Curry

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