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Commercial insurance is crucial for businesses, as it provides financial protection that includes coverage for building damages, lost wages, and medical bills. To benefit from this, your business needs to find the right policy. Below, you’ll find more information about commercial insurance, including whether working with an agent is required or if other insurers and platforms are acceptable.
Broker or Agent
These types of professionals will clearly and honestly review policy terms, using their insurance knowledge to help you understand more about industry risks, coverage redundancies, and other relevant details.
Although you’re not required to purchase commercial insurance from a broker or agent, they can help with multiple factors, which include the claim process. A broker is your advocate, and the ongoing support will continue well after the agent has found the best coverage for your business at a competitive rate.
Captive Agent
Captive agents have an understanding of the commercial insurance their brand provides and will use that detailed knowledge to ensure you understand your options. This type of agent is set on providing you with a streamlined and straightforward experience.
Unlike a broker or traditional agent, a captive agent’s policies are limited to what his or her parent company provides. Therefore, a captive agent cannot make flexible changes for your business at his or her own discretion. Instead, captive agents are more about brand recognition and using their knowledge to promote the companies they represent. If you want to work with someone who can shop around for other policies, a captive agent has restrictions and limited carrier choices.
Online Marketplaces and Insurers
Efficiency, competitive pricing, and convenience attract many businesses to this option. You can compare commercial insurance offers from different providers, allowing you to find affordable and adequate coverage without the need for physical paperwork or other traditional factors.
Some companies believe the level of personalization isn’t the same as working with an agent, which is why the choice ultimately rests with the business itself. However, the process can still be completed correctly, ensuring you receive transparent information.
There’s no pressure when working with online marketplaces and insurers, allowing you to review policies and do what suits your company best.
Requirements
Although you don’t need an agent to obtain commercial insurance, it’s often mandatory to get this type of coverage. The kind of company you operate, its location, and the nature of your employees’ work will determine whether commercial insurance is required. For instance, having liability for accidents and damage involving vehicles your company leases or owns will likely necessitate purchasing commercial auto insurance.
Go over your options with an insurance company to obtain more information about critical financial protection and mandatory laws before making your coverage selection. For example, your state may require workers’ compensation insurance to cover medical expenses and wage losses for employees who are injured while working on the job.
Owning a business involves assuming certain kinds of risk, but operating without commercial insurance is a chance you shouldn’t take. For reliable, affordable commercial insurance as well as homeowners, renters, motorcycle, and auto insurance, reach out to the experienced professionals from Altra Insurance Services. Call us today to find out how we can meet all your insurance needs.