No matter how well you plan, operating a business comes with an element of risk and unpredictability. Your commercial insurance policy should provide some peace of mind and help you prepare for the unexpected.
Getting the right type of commercial insurance coverage for your business operations can protect you as a business owner from sudden and accidental damages and/or losses resulting from the normal course of your daily business operations. A loss could occur to your physical assets such as buildings, exterior signs, equipment, tools, stock, inventory, supplies, office furniture and fixtures, computers and electronics, personal property of employees, and tools and equipment in transit or used off-site.
Property is only one aspect of what insurance covers, insurance also provides potential protection in the event of a lawsuit, this could be covered under the Commercial General Liability portion of your policy. It is imperative that you fully disclose all your business operations that you could do to your broker in order for them to approach insurance companies to provide a quote for your business insurance.
Inform your broker about changes to operations.
Your insurance broker needs to know all these detail to make sure your insurance policy will adequately fit all the operations you perform in your business. It would be devastating to you and your business financially if you suffered a loss from an operation you did not disclose to your insurance broker. You have to remember that there really isn’t anything you do in your business that doesn’t affect your insurance and the kind of Insurance your need.
There are many types of business insurance coverages offered and your broker requires all details in order to make a well-informed decision on the recommendation of insurance coverages that best suit you and your business needs and operations.
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