Business Insurance
The term business insurance covers alot of ground. Business insurance covers peoples property, their liability and group health and many other areas. General liability is the most common coverage people are referring to when they call for coverage. Many contractors have to have general liabiliy and workmans compensation at minimum to start to work.
Having this coverage is great, but it certainly leaves a lot that can still be uncovered. There is error and ommission coverages for some and commercial auto coverage. There is coverage for lost income that may save the business in certain situations. Property coverage for your business facilities. Also you may need business equipment coverage. There are actually dozens of things that should be taken into consideration when purchasing insurance for your business. The types of coverage vary from state to state in the USA and I am sure even more variation from country to country. Before you buy your next policy, think about your exposures and convey them to an agent that is aquainted with business insurance policies.
Sit down with him and be totally honest and tell your agent exactly what you do in your business and the correct figures for gross income and payroll. Most companies are going to audit you at the end of the year to confirm it anyway. You don’t want to get hit with a shortfall in your payments at the end of the year. This can be quite a large amount you may be liable for. By giving the correct information to begin with will probably keep this from happening. By telling your agent exactly what you do will allow them to have the company assigne to you your correct class code. This can affect your rate and whether you are covered when an event occurs. If your income increase alot more that you anticipated for the year let your agent know to keep from having the nasty surprise of a large payment due immediately. Good luck buying your next policy.
If you are in the state of Texas our agency can help with sorting things out. If you would like to speak to one of our agents who is business lines agent call:
Karen at 903-297-4456
Or Email us at: KAShipman@shipmaninsuranceagency.com
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