When you have a business, you should purchase a commercial insurance policy that protects all the facets of your business. Unfortunately, most business owners forget or overlook the basics of commercial insurance. They end up buying a policy that covers them sub-optimally when disaster strikes. The Five Star Insurance Agency in Fords, NJ recounts common basics you should consider when purchasing commercial insurance. This way, you will have a policy that won’t let you down when the unexpected strikes.
Updating your commercial insurance
You should have a second look at your policy at least once a year. This ensures all your current needs are well-covered. However, sometimes you don’t have to wait a year to lapse. If you add assets, increase your workforce, or change your service offering, talk to your insurance agent to update your policy.
Understanding what your policy covers
You can only make the most of your commercial insurance policy if you understand what it covers. Read your policy document to understand the areas covered by your coverage. Also, consult with your insurance agent where you need clarification.
Having an asset list
Relying on your memory when filing a claim after a disaster can fail you. Instead, always keep an updated asset register to simplify your claim process. When a major disaster like hail or fire strikes, an asset list will compensate you for all your losses.
Understanding commercial insurance exclusions
It’s essential to understand what’s not covered by your commercial insurance. This knowledge helps you identify add-ons you can consider to boost your coverage.
Invest in business insurance today!
If you love your business, purchasing commercial insurance shouldn’t be an option. Commercial insurance saves the day when catastrophe knocks on your door. If you want to buy business insurance in Fords, NJ, please get in touch with Five Star Insurance Agency for an affordable quote.