Commercial property insurance is something that every company needs, whether they own a building, lease an office, or work from home. However, 75 percent of businesses in the U.S. are underinsured by 40 percent or more, according to research published by Marshall & Swift/Boeckh.
Businesses often turn to commercial property insurance agents for assistance understanding and obtaining commercial property insurance. Gaining access to the right policies can protect businesses from loss and help their bottom line.
Before speaking to a commercial property insurance agent, here are some things to know:
What Coverages Does the Insurance Agent Offer?
Commercial property insurance is a popular type of business insurance that protects property owned by a business in the event of a disaster, such as a fire, flood, windstorm, or vandalism. This insurance covers almost all physical assets, from furniture and equipment to business records and the building itself. However, specific types of coverage can vary from agency to agency.
Determine what types of commercial property insurance coverage are offered by the agent. Some examples include:
- Builder’s Risk – Builder’s risk insurance protects business owners from financial losses incurred during construction projects.
- Cargo – Cargo insurance is commonly used by businesses to protect the value of company goods from physical damage or theft while in transit.
- Crime – Crime insurance protects businesses against criminal acts, such as theft, computer fraud, and forgery.
- Flood – Flood insurance policies generally cover direct damage to a building due to flood waters.
- Hurricane – Hurricane insurance is purchased by businesses that wish to safeguard their properties from physical damage sustained in a hurricane.
- Income – Business income insurance is designed to protect businesses when they lose revenue due to a slowdown or closure.
Is the Insurance Agent Licensed and Experienced?
Insurance agents in the United States must have a license to sell insurance products to homeowners and business owners. Licensing requirements can vary from state to state, so it is essential to ensure that the insurance agent meets all local licensure requirements before moving forward with a purchase.
Business owners should also review the agent’s experience and knowledge of the industry. Great insurance agents are well-versed in coverage offerings and should have the knowledge needed to answer any clients’ questions regarding commercial property insurance coverage.
Does the Agent Offer a Simple Quote Process?
Business leaders are busy and often do not have the time to go through a complex insurance quote process. Before choosing a commercial property insurance agent, learn more about the quote process. Many insurance agencies streamline the quote process by providing an online form that prospects can complete with a few details about their insurance needs.
When going through the quote process, consider if the insurance agent is responsive, professional, and understanding of the industry. Business owners should enjoy working with the agent and see potential in building a trusting relationship. Also, consider if the agent can obtain different quotes at different rates, depending on the type of insurance required and the limits on these policies.
Does the Agent Have Great Claims Experience?
There will likely come a time when business owners need to use their commercial property insurance. Property damage can be costly if they experience a tragic fire or random vandalism. When choosing an insurance agent, consider claims expertise.
An insurance agent acts as a liaison between a business and its carrier. Commercial property insurance agents must be highly efficient at settling claims and have a good track record of effective claims handling. Great agents will also help their clients to understand the claims process better.
What are the Terms of the Property Insurance Policy?
Commercial property insurance policies can vary considerably from one agency to the next. Before speaking to an insurance agent, find out about the policy’s limits or the amount the insurance will cover. It is also essential to find out what the policy will not cover. For example, many insurance agencies require businesses to purchase a separate policy for flood coverage.
Cost is also a significant factor when choosing a commercial property insurance policy. Consider the cost of both the premium or annual cost of coverage, the deductible or the amount charged out-of-pocket before the coverage kicks in. A great insurance agent will help their clients work through the process of finding insurance coverage that is both comprehensive and affordable.
Request an Insurance Quote from Atlas Insurance
Great commercial property insurance agents focus on providing excellent coverage and customer service. They act as a business partner to help business owners improve their operations and protect their livelihoods. Need a reliable quote from a reputable commercial property insurance agent? Request an insurance quote today by contacting the team at Atlas Insurance Agency.