How to Compare Business Insurance

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How to Understand Business Insurance....5

Comparing business insurance policies is a bit different from comparing other types of insurance, like home or life. Compare business insurance with help from a public insurance adjuster in this free video clip.

Part of the Video Series: Home & Business Insurance
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Video Transcript

Hi, and welcome, I'm Dan Odess. I'm a public insurance adjuster, and I'm here to talk to you about how to compare business insurance. You can compare a business insurance, there's quite a bit you need to take in consideration. Who the insurance company is, where they're from, how much coverage you need, what type of coverage you want, what is your deductible going to be, who is making the assessment as to how much value you have there, and how do I avoid co insurance penalties? So starting off first. Who is my insurance company and who is actually providing these proposals, it's important to know because when your broker or your agent puts out a bid for these proposals, they pretty much get locked out of the market. So it's important that you make sure that you have your agent, your broker really in tune with your business when they go to actually go out there to get bids or proposals on your insurance. Because once it's out there, it's locked in and therefore there's really no other way to basically go back and revisit that. Now they can obviously supplement and provide more information, but once it's out there, it's out there. So make sure you take the time to sit with your agent or broker, explain to them your business, make sure you provide all the financial information they need. And make sure that your deductible and the amount of insurance that you're asking for, whether the amount of the deductible, are properly assessed and properly placed. Obviously, the higher the deductible, the cheaper the insurance is going to be. It's always a good rule of thumb. But your coverage in a business situation is really subjective. You can ask for a lot or ask for a little. But always keeping in mind that if you ask for too little, and you have a loss that exceeds a significant portion of the of the coverages afforded to you, you might be hit with a co insurance penalty. So making sure that you have 80, 90 percent co insurance is another important comparison tool that you could use in comparing two types or two different types of insurance or policies that it provides you. This is Dan for eHow, thanks for tuning in.


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