The most important part of your business insurance quote would be the limits of liability. Check out how much the insurer is willing to pay for anyone’s claim as well as for the entire policy period. If this business insurance is a contract requirement, then these limits serve as the core requirements. Verify whether the limits would match the terms of the contract. Companies with larger figures for its revenue will definitely have bigger limits. Insurance is an asset, so make sure that you will get the best of it in order to protect your assets.
Retentions are actually deductibles. This is the amount that one has to pay out of his pocket for every claim that he makes on the policy. For example, for a $100,000 claim on a policy with a $10,000 deductible, this means that the insurance company will pay only $90,000. The higher the retention, the more the paid premium is reduced. This is the amount you should shell out first in case of liabilities. Anything that exceeds the retention amount will then be paid by the insurance policy up to the policy limit.
Carrier and Rating
Look for the rating on your business policy and make sure that it is above an A-. Check out, too, whether the policy is admitted or non-admitted. An admitted carrier is your protection in case you perceive a possible mishandling of your policy. In that case, you could appeal to the state for your claims.
The mode of payment for the insurance premiums is crucial. Usually, insurance companies have online portals where you can pay using electronic billing. Many insurance companies also offer specifically tailored payment plans as well as direct billing policies. Credit card options are also available and will be handy for those who are cash-strapped.
Some Final Words
Always keep an eye on these aspects of your business insurance quotes. Make sure that you ask your financial adviser or insurer all the questions that you have. Talk through the quote along with your broker in order for you to comprehend all the terms of the contract. At Independent Executive Insurance Brokers, we put our clients first by offering them policies that they can afford. Learn more about our products and services by calling our agency at (805) 624-4815. You can also request for a free quote by CLICKING HERE.