Cheap Commercial Insurance For Clever People

As with anything else, insurance can be bought too cheaply. But your business isn’t “anything else” – it is your livelihood. You certainly don’t want to jeopardize that by being cheap, am I right?

We are raised to believe that cheap is good. Not that cheap is best, but simply that something which is cheap is also worth our money – at least to some degree. That is just not always the case though.

Imagine this scenario: Your company truck is torpedoed by some drunk driver, who has no insurance. On top of that, he escapes the scene never to be seen again. Who has to pay for repairs to the truck?

Right: You do. Unfortunately you picked the wrong commercial truck insurance. Wrong product – wrong company; they refuse to compensate you in any way. No matter how much you plead, beg or threaten them, they just give you legal gobbledygok in return. Nothing happens month after month. In the worst case, you can’t afford to repair the truck out of your own pocket, which means you can’t use the truck. Voila! You are effectively out of business. Or maybe you can afford the repair to keep your business on wheels, but you still have an insurance company to fight – a company that has proven itself untrustworthy, giving you no choice but to get a commercial insurance quote from somewhere else.

Sounds terrible, doesn’t it? The worst part is it could have been avoided with a little cleverness. Commercial insurance coverage can be expensive, especially if your business is new and hardly earning money yet – but please don’t do yourself a disservice by being too cheap. There are many types of commercial insurance available and some can be very expensive. It all depends on your field of work. Something like malpractice insurance (needed by doctors and other medical personnel) is perhaps one of the most expensive forms of insurance there is – but malpractice lawsuits can be monstrous in size and can completely ruin the business of a doctor, unless he is properly insured. Please understand then, that having NO insurance is not the solution. Logically, having too cheap insurance can be exactly like having no insurance, so spend the money. You can’t afford not to.

Don’t think in terms of “cheap” commercial insurance, but try to get the insurance you need at the right price instead. This means dealing with a commercial insurance company of good repute, as well as understanding your exact needs – and making sure the insurance broker understands them too. It also means getting quotes from more than one company, but on similar products. If one is much more expensive than the others; then that one is probably overpriced. If one is much cheaper than the rest; then it is likely to be exactly that – too cheap.

Understanding Commercial Insurance

While some of the smallest businesses, like one-person operations, can go without commercial insurance, for most businesses it’s a must. Most small and medium-size business can forgo the complexity of purchasing multiple policies by getting a business owner’s policy (BOP), which is basically a bundle of essential coverage types.

The options packaged in a BOP vary, but almost every plan at least contains some level of business property insurance to cover the office building itself. Other common options are commercial liability insurance, business contents insurance, business interruption insurance and commercial vehicle insurance. Unlike business property insurance, business contents insurance covers the items inside the office, such as computers, uniforms and inventory.

The level of commercial liability coverage included in a business owner’s policy may not be sufficient for large businesses, and in some cases, not even for small businesses. Liability insurance is designed to protect firms from lawsuits for personal injury, advertising injury and property damage. “Advertising injury” refers to claims that have to have to do with defamation or intellectual property: i.e. copyright and trademark infringement, libel or slander.

Imagine a case where a self-employed designer, who wouldn’t ordinarily seem like a candidate for liability coverage, created a logo for a client, only to be sued for trademark infringement by a company with a similar logo. Most business owners associate commercial liability insurance with manufacturing and construction firms that are more accident prone by nature, but the possibility of any company being sued shouldn’t be underestimated. In today’s litigious society, even the smallest businesses are vulnerable to frivolous lawsuits.

Why Does a Business Need a Commercial Insurance Quote?

A business or commercial insurance quote is necessary in order for a businessman to estimate how covered you are with your insurance liability needs. It must provide good coverage for your negligent acts, accidents or any unexpected event that may happen within the coverage of your company. If your company employs a lot of people who are doing hazardous jobs like going out of their offices to provide service to people, your company will need a commercial insurance policy that must cover your employees and your company’s property so that if anything happens to them somebody is there to assist you and your company financially.

Commercial insurance quotes will help you realize what would be your underlying risk management component so that in case anything happens uneventfully you know where your business’ insurance coverage will be up to. Under the commercial general liability policy, a quote must also proclaim the company’s protection against negligence and accidents and this is especially necessary for companies who give service to people such as van home movement service.

Considering that your business is in van service and need of commercial vehicle insurance policy to cover your business grounds, then better be aware about some commercial vehicle insurance companies who offer incredibly attractive policies because believer or not most of these companies do not care if you will be getting their insurance policies or not. They just want your company’s details and after you give them what they want and send you their commercial van insurance quote then they will begin bombarding you with spam mails in which some of their businesses are involved. As word of advice, before you provide your company’s details, inform the insurance company that you do not want any calls or mails that concern their businesses and products and will only deal with them if their quote passes your requirements.