Four Key Questions For Your Commercial Insurance Agent

In business, as in life, it’s about knowing the right questions to ask. As a business owner, you may have concerns about your commercial insurance coverage. The following are four questions to ask your insurance agent about commercial insurance.

Why do I need it? You only have to think of the alternative. Even sole proprietors and independent contractors need commercial insurance coverage, as they are open to risk in any interaction they may have with individuals or other companies. No matter how small or large your company, your personal assets are at stake-which is why commercial insurance is so important.

What’s covered? Typically, you’ll have a commercial insurance “package” tailored to the needs of your business. It’s designed to protect you if your business is found legally liable for damage to another party. Coverages may include: Slander, libel, or misleading statements or advertising; property or physical damage; medical payment coverage; personal injuries that occurred on your business property or resulted from the use of your products; legal fees, including court fines/costs, settlements, and attorney fees; intellectual property claims or copyright infringement.

Who’s covered? This is dependent on your business type, and you can adjust it as your business grows. Typical policies will cover you, your corporation as an entity, co-owners and directors, and officers and shareholders.

Do I need specialized policies or policy addendums? Also dependent on business type, these may include: Workers compensation insurance, Product liability insurance, Key man insurance, commercial auto insurance, Cyber liability insurance.