Unpredictability is the only predictable thing about business right now. Over the past few years, extreme weather events, unprecedented data breaches, and global pandemics have all taken front stage in the insurance industry. And no business is immune. 

With the range of commercial insurance products and policies growing in size and complexity, it’s understandable how researching and securing appropriate insurance can get confusing and pushed down the ‘to-do’ list. 

Types of Commercial Insurance

What policies are the right ones to have for your business? While this is by no means an exhaustive list, the ones noted below should be discussed and investigated.

  • Business Liability 
  • Directors & Officers Liability, Employment Practices Liability
  • Cyber and Data Breach
  • Professional Liability — Negligence, Misrepresentation, Inaccurate Advice
  • Business Interruption 
  • Buildings & Contents & Stock
  • Commercial Auto Insurance
  • Equipment Breakdown
  • Crime by third-parties or employees

Your business needs and deserves a customized insurance program to take care of your specific needs as your requirements are not the same as any other business. 

As a business owner, it is essential to have an educated quality insurance broker on your side, someone you trust to take care of your business needs. This broker should provide sound advice and ask the right questions. 

Understanding your policy wording is crucial. It is up to your broker to understand and compare policy wordings to ensure you have the exact coverage you need. Not all policies are created equal. 

Things to look for in your insurance broker or advisor

  • Assesses your specific business needs 
  • Makes recommendations on products that fit your needs and be able to explain the risks and benefits clearly (jargon-free and transparent)
  • Tailors a customized insurance plan for you
  • Works with insurers that are reputable and handle claims quickly and efficiently
  • Invests in ‘in-house’ experts, identifying emerging trends and threats in your industry
  • Identifies potential gaps in coverage before they become a threat
  • Makes ongoing recommendations and works in partnership to understand your risk and reduce your exposures

Fostering a long-term relationship with an insurance specialist is the best way to ensure your insurance program will work for you in the event of a loss.  

What sort of thing impacts your premiums? 

Regardless of your business’s size, some of the factors insurance carriers use to calculate the cost are as follows:  

  • Size and nature of business
  • Where is your business operating
  • Industry & industry experience
  • Revenue
  • Location
  • Prior claims experience
  • Number of Employees

Specific variables, such as liability limits and deductibles, also affect how much you’ll pay. These can be decided upon only once you have a clear view of the risks specific to your business.