Commercial insurance is also known as property and casualty insurance. The property portion refers to coverage of any real property the company owns. This would include buildings, equipment, etc. The casualty portion coverage includes pretty much everything else other than property. The specific definition of what is considered casualty depends on what is written in the actually insurance policy.
Getting Quotes | Finding the Right Coverage
There are many ways to get cheap commercial insurance quotes for your needs. The first way is to go online. There are websites that will give you quotes from a variety of different commercial insurance companies. You basically let them compete for your business.
Getting quotes online is a great way to get property and casualty insurance if you have a small business and your insurance needs are pretty basic. If you have a larger business or your business is unique and need specialized expertise, it’s best to find a live insurance broker or agent.
By using a real person, you can make sure you get the coverage you need. If you go online to buy insurance, you run the risk of not getting enough coverage or getting too much coverage and paying too much.
Working with an insurance broker will give you the best chance to find the best deals. Brokers are different than agents in that they work with several different insurance carriers and they shop around for the best price and deals for you. Agents usually work exclusively for a single carrier, limiting any competition that may work in your favor.
If you do work with commercial insurance agents, make sure you talk to several agents before you make a decision. In this case, you act as the broker shopping around for the best deal. This is also a good way to get second and third opinions on what kind of coverage you actually need.
Remember, both brokers and agents will always try to sell you a little too much coverage. By talking to several of them, it will help you narrow down what coverage is necessary and what’s not.
Commercial Lines Insurance Pricing Survey
If you are looking for quotes, it’s best to shop around. But there is a short cut to know who much you should be paying. You can review the Commercial Lines Insurance Pricing Survey (CLIP) released by Towers Perrin, a consulting firm. It does a survey to track prices of over 30 insurance carriers and is the leading industry benchmark for price trends. It will give you an idea of what you should pay on average.
Insurance is one side of the finance coin. Investing is the other. If you want a comprehensive and holistic investment strategy for yourself and your business, you must include insurance in that mix. Investing is growing your money and insurance is protecting it.
There are many other good articles on insurance on this site. There is some good information about home content insurance that you can find here. It talks about how you can insure your most valuable belongings that you keep in your house.