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Commercial Insurance

Explore our commercial insurance articles to learn everything you need to know.

Business Owner's PolicyBOP+3

Understanding BOP (Business Owner's Policy): A Package Deal

Understanding BOP (Business Owner's Policy): A Package Deal

Demystify the Business Owner's Policy (BOP) and discover how this smart package deal combines essential commercial insurance coverages to protect your small business simply and cost-effectively.

IE
Insurance Expert
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General Liability InsuranceSmall Business Insurance+3

General Liability Insurance for Small Businesses: What It Covers

General Liability Insurance for Small Businesses: What It Covers

Discover what General Liability Insurance covers for small businesses, protecting against common risks like bodily injury, property damage, and legal claims.

IE
Insurance Expert
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Small Business InsuranceBusiness Insurance Types+3

Essential Types of Insurance Every Small Business Needs

Essential Types of Insurance Every Small Business Needs

Protect your small business with essential insurance types. Learn about liability, property, workers' comp, and more to safeguard your assets and future from common risks.

IE
Insurance Expert
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Cyber Liability InsuranceData Breach Protection+3

Cyber Liability Insurance: Protecting Your Business from Data Breaches

Cyber Liability Insurance: Protecting Your Business from Data Breaches

Safeguard your business from devastating data breaches and cyberattacks. Learn how Cyber Liability Insurance provides crucial financial protection and helps manage post-breach recovery.

IE
Insurance Expert
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Business Interruption InsuranceBusiness Continuity+3

Business Interruption Insurance: Coverage During Unexpected Downtime

Business Interruption Insurance: Coverage During Unexpected Downtime

Learn how Business Interruption Insurance protects your revenue and expenses when unexpected downtime strikes, ensuring financial continuity for your business.

IE
Insurance Expert
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Insurance BasicsUnderstanding InsuranceInsurance CoverageFinancial PlanningBeginner GuideAuto InsuranceCar InsuranceLiability CoverageComprehensive CoverageCollision Coverage

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Frequently Asked Questions About Commercial Insurance

Insurance is a contract between you and an insurance company that provides financial protection against specific losses or risks. You pay a premium, and in return, the insurer agrees to cover certain costs if a qualifying event occurs. You need insurance to protect yourself from potentially devastating financial losses that could result from unexpected events like accidents, illnesses, natural disasters, or liability claims.
A deductible is the amount you pay out-of-pocket before your insurance coverage begins. For example, if you have a $500 deductible and experience a $3,000 loss, you'll pay the first $500, and your insurance will cover the remaining $2,500. Generally, choosing a higher deductible results in lower premium payments, while a lower deductible means higher premiums but less out-of-pocket expense when you file a claim.
Insurance premiums are calculated based on several factors, including: your risk profile (age, health, driving record, etc.), coverage amount and type, deductible level, location (different regions have different risk levels), claims history, credit score (in many states), and industry data on similar risks. Insurance companies use statistical models to determine the likelihood you'll file a claim and price your policy accordingly.
An insurance agent represents one or more specific insurance companies and sells policies on their behalf. They work for the insurer and are typically paid through commissions. An insurance broker, on the other hand, works for you (the client) and shops around different insurance companies to find you the best coverage and rates. Brokers typically have access to more options but may charge fees or still earn commissions from insurers.
To file an insurance claim: 1) Report the incident immediately to your insurance company through their website, mobile app, or by calling their claims department. 2) Document everything related to the incident (photos, videos, police reports, medical reports). 3) Fill out the claim forms provided by your insurer with accurate information. 4) Submit all required documentation. 5) Work with the assigned claims adjuster who will evaluate your claim. 6) Follow up regularly until your claim is resolved.