Questions to Ask Your Business Insurance Provider Before Purchasing

You already know how importance coverage is for your business. Problem is, there are so many providers out there and so many policies to choose from. How would you know which insurance agent or broker to use, and which coverage type to purchase? Ask your agent some of our suggested questions, and use the answers to come to a decision.

How much experience do you have?

Experience can give you some idea about the insurance provider under consideration. If their years in the industry are limited, they will be eager to get you started and offer more help and support. If they are well established and a number of years in the field.

Do you have any references or testimonials?

If the insurance provider can show you some references or testimonials, it implies that their clients are happy and satisfied.

Keep in mind that most brokers would only give you contact details for happy clients only. So do check the internet as well for online reviews.

Who will manage your business?

Insurance providers have a support team behind them. While you should know your agent well, it is equally important that you know who else they work with. If there is an emergency and you can’t reach out to your agent, you’ll have to get help from their team.

Also find out if your policy will be handled local or though the headquarters, and the procedure to get the help you need.

How long will it take for your problems to be resolved?

If your need is urgent, then how quickly should you expect a response? The answer to this question helps you figure out if that is reasonable to you. If you are buying a policy for the first time, you need more questions answered in a timely manner to help speed decisions.

Do you offer customized policies?

Small businesses often need policies tailored to their personal requirements, but some of the providers won’t be willing to flex their plans. If you need a customized policy, you should find a broker who can modify their standard plans according to your needs with the coverage you want, without having to stack policies which adds to costs.

Do you assess risks?

Even if the agent doesn’t get into details, they should still give you some quick suggestions to mitigate risks. And if they are diligent, they may even assess your financial situation and give you advice.

The Benefits of Commercial Combined Insurance

Commercial combined insurance protects your business assets from a number of unforeseen losses including damage, theft, fire, natural disasters (such as floods and storms), and vandalism. This insurance provides cover for your buildings, machinery, business stock and equipment, and all other contents within the building premises.

No matter what size your business maybe you need to protect your business from various risks and any other claims that might arise during the course of business. The purpose of commercial combined insurance is to integrate different types of business insurance into one policy that covers all the important areas of a business.

Commercial combined insurance generally includes buildings insurance, stock insurance, employers’ liability insurance, public liability insurance and building contents insurance. Sometimes it can include professional indemnity insurance and product liability insurance as well. The exact cover will vary depending on the nature and size of your business.

It is always advisable to consult a professional prior to opting for commercial combined insurance. Different businesses require different elements of insurance cover, therefore, a professional will be able to make sure that the combined policy provides you with the maximum cover and does not limit other important areas of cover.

Some commercial combined insurance policies allow any adjustments to the amount of cover such as in the case of public liability insurance where you can raise the cover from £1million to £2million by increasing the cost of the policy by a fixed percentage. Making adjustments can bring about a lot of savings in premiums. This type of policy is more suited to large companies that require many different areas of cover. Prior to choosing a commercial combined insurance companies need to determine the element of risk their business is likely to face. This risk assessment may require a visit to the premises by an insurance professional.

Among the biggest risks are liability to third parties and the costs and damages arising from claims made against a company. Employers’ liability insurance is mandatory according to law, therefore an essential element of any commercial combined insurance package. This insurance protects employees from all potential risks or accidents that may occur at the workplace. Public liability insurance is also essential as it protects a company against any claims made by any visiting public while on its business premises. Other areas of cover include Product Liability insurance which protects companies from any claims made due to any manufacturing defects in the company’s products. Directors and Officers insurance (D&O) is also available in a commercial combined insurance policy where a company’s directors can protect themselves against any liabilities arising during the course of the business.

Property damage cover is important since fire and floods can cause extensive damage to commercial property. Companies that carry large stock will benefit when this type of insurance is combined so that it minimises losses due to deterioration or damage of stock. There are other commercial risks such as loss of trade licence, goods in transit cover, commercial vehicle insurance and more. Purchasing the right commercial combined insurance may be a daunting task, especially when the risks are not straightforward. Therefore, it is advisable to seek the services of an insurance professional so that you procure the appropriate policy at the right price.

Does My Business Need Equipment Breakdown Insurance?

Calling all business owners! If you are in the twenty-first century, you depend on energy related equipment serving you well.

What happens when things don’t go entirely as planned – as often happens in life?

Well, if your computers, machines, boiler, AC unit, oven, stove, furnace, elevators, hoists and cranes and so many, many other pieces of equipment breakdown, your business just might.

But hold on to your hat!

Equipment Breakdown Insurance can protect you and your enterprise from the occurrences. Read on for some summarized episodes that were submitted to insurance claims departments

Equipment Breakdown Insurance Genuine Case Scenarios

• A power surge triggered damage on the control board of an espresso machine. It also caused damage to the thermostat and compressor of the air conditioning system. Moreover, due to resulting to the business’s food cooler compressor as well, food items that were for purchase suffered spoilage.

• Brown-outs are no big deal – or so some of us tend to think. In this case a brown-out caused by a direct lightning hit to utility sub-station was followed by power surge that led to a business air conditioning unit’s untimely demise.

• Due to a sudden power surge, one mini mart’s refrigeration system incurred so much damage that it had to be replaced. As luck would have it, the food inside suffered spoilage loss as well.

• An intense ice storm brought on havoc to the electric line attached to a restaurant. Losses included an electric frying pan, wine cooler and ice maker.

• Business cannot go on without a proper phone system. One business learned the hard way about this when a power surge damaged theirs and left them without communication for forty-eight hours.

• A food store experienced a power outage and then the ensuing power surge resulted in electrical damages to the cash register and freezer.

• When an ice cream shop franchise suffered a power outage, the utility company took quite a few days to fix the problem. The ice cream melted and so did business income.

• A printing company failed to maintain his printer properly. The gap guard got loose and got stuck between the machine’s cylinder and imaging unit causing the printer to break down.

• One business’s furnace motor broke down, making optimum conditions for the water pipes to freeze and burst. When that happened, another furnace’s breaker tripped, resulting in additional heat loss.

• A condenser fan seizure resulted in the freezer compressor to burn out, followed by food damage.

• A boiler overheated and cracked as a result of a low water level. The ensuing heat loss, prompted the store owner to close his shop for one full business day.

• A religious center’s boiler and steam pipe fitting cracked and let out steam that damaged the church organ, choir members’ robes and microphone system.

All of the above claim examples were covered by equipment breakdown insurance.

If something happens to your business equipment, are you covered?