Does your business have enough insurance?

24 Apr Does your business have enough insurance?

Before you buy insurance, consider consulting with an insurance producer who can answer questions about the types of products available for your particular business. An insurance producer can explain whether you need any or all of following types of insurance coverage: commercial general liability, errors and omissions, director and officer liability, worker’s compensation, automobile coverage, cyber-insurance or other coverage.

Also, your insurance producer can advise you on how to maximize coverage under your existing policies and what coverage limits you should consider based on your business model, and the nature of your business. And an insurance producer can advise you on the appropriate limits of coverage based on the financial position of your business and what coverage limit options are available to you such as a whether fees and costs should be within or outside applicable coverage limits. By consulting with an insurance producer, you can receive complete information about your available insurance coverage options.

Take a look at the Insurance Information Institute cited by the Arizona Department of Insurance for more information and which contains definitions about the type of business insurance products available on the market. With professional assistance from an insurance producer, you can avoid becoming underinsured while thinking you are sufficiently protected against loss or calamity.