Commercial insurance refers to the contract between an insurer and insured (business owner) with the goal being to minimize the owners risk of losses which may result from theft, weather, vandalism, accidents, lawsuits and any other causes.
A premiums also offered to reduce the potential for a loss with a greater effect into a smaller loss-which is the cost of the premium.
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Benefit to the Insured
A business owner can insure the assets of the company, the real estate and also the health of his employees (group health insurance) to minimize the risk they are exposed to.
For business owners who are attorneys, property appraisers and other professionals who give advice and write and administer contracts or any other binding documents there's a type of insurance known as Errors and Omissions Insurance from which they can benefit.
Physicians can also have a Malpractice Insurance that insures their ability to diagnose diseases and treat them and/or perform successful surgeries. The insurance covers losses which could occur if a patient sues.
Classifications of Insurance
There are two main classifications of insurance:
- Life insurance: Deals with life insurance, pension products and annuities. Its characterized by long-term investments which are involved.
- Non-life insurance: Deals with all other insurance types.
Given that insurance companies are businesses too, they have a type of cover called Reinsurance.
The insurance underwriters job is to evaluate your information and history in order to determine the level of risk you're exposed in. He/she looks at your age and what type business you have, your insurance history and other aspects to ascertain whether to give you a policy and a premium.
The cost of insurances determined by the amount of risk. A higher risk attracts a higher cost. This theory and ratio allows the solvency of insurance companies.
Finding Your Insurance Company Rating
Before you get insured, it is important to consider some facts, including the rates of your potential insurance company. This rating is based on claim-settling ability, assets and the financial strength.
The best known companies to offer such ratings include Standard and Poors, A.M. Best, Duff and Phelps, Moodys Investor Service and Weiss Research-in no particular order.
Its important to know the basics of commercial insurance and if you're looking to get one then you need to know everything and get the right advice on the type of insurance best for you and your business.
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Posted in Community Post Date 06/16/2017