When you open a business one of the first things you need to get is Commercial Insurance better known as Commercial Liability Insurance.
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You may be asking why do you need this insurance, the answer is that someone must pay part or the entire amount of damages caused by liabilities of the company that may have resulted to business dealings or by law. It also may pay a partial or total amount of your legal defense in case of a claim. Having enough coverage is essential for a business because if you don’t your business will have to assume the brunt of the loss and this may put you out of business and could jeopardize your assets.
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Just because you apply for commercial insurance does not mean that you will automatically get it. Insurance companies use underwriting standards to determine if you are eligible and for how much. Insurance companies have classifications for commercial insurance and your business must fall into one of them. For this reason, even if you company has a clean record, you may still have to pay a high premium for Commercial Liability Insurance.
Commercial Liability Insurance is sold by large companies through there brokers or by independent agents that may represent many companies. Either way is acceptable but just make sure that you choose an agent that is knowledgeable in your type of business, this is very important.
Also when choosing insurance make sure that you do your homework and get more than one quote for premiums. Make sure that your business will be well protected in case you need it. Keep in mind the cheapest insurance you find is not always the best insurance.