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Commercial insurance definitions
Commercial (or business insurance) is sold by insurance brokers. It is a contract between an insurance company and a business owner to help minimize the business losses against unplanned events and tragedies like weather and property damage, theft, accidents and lawsuits. There are different types of insurances available for different businesses. For example, a doctor clinic would need a different business insurance than a painting company. Talk to several different insurance brokers to find the best quotes and deals. The following are common insurance terms.
Premium – The amount an insurance company charges for risks of insuring a business over time. Premium quotes vary greatly depending on the value of the business and the amount of coverage.
Commercial Policies – Insurance products designed for businesses. Some major ones as business income, commercial fleet, general liability, and fidelity.
General Liability Coverage – Covers losses that a business owner is legally responsible for due to negligence. Liability specifics will be outlined in the insurance policy.
Group Health Insurance – Insurance that assists in providing medical and health coverage for employees of the company.
Commercial Fleet Policy – Provides car insurance to company owned and fleet vehicles. This is particularly important if your company operates several cars and trucks.
Medical Malpractice Insurance – Protection against lawsuits for doctors and nurses where negligence is alleged to have caused medical harm.
Product Liability – Protection against lawsuits and claims from people who have sustained harm from the product the businesses is selling.
Fidelity Bond – Protection for businesses against dishonest acts by its employees, which usually covers the policyholders against monetary losses.
At Tucson Business Insurance we understand the importance of keeping comprehensive business insurance coverage. We offer many options for Tucson business owners, no matter how large or small your Tucson business may be.
If you own your own business, company or commercial enterprise, you're going to need insurance. Fortunately for you, many insurances companies specialize in providing business and commercial coverage.
An insurance agency or brokerage, can help you get the coverage you need. The brokers who work for these agencies know just about everything there is to know about insurance.
They can meet with you to talk about whether a liability might raise your rates. A liability is anything that could potentially make you more expensive to ensure. They can also talk about your financial situation and the needs of your company. After talking with you, they will be able to give you a more accurate insurance policy quote. An insurance quote will help you gauge how much you will need to spend for your coverage.
Once you've given them a little information about yourself and your company, they can help you choose a coverage that will be best for you. They can offer you public, group or independent coverage. They can offer you basic or premium benefits.
They can also offer you different types of insurance. They can offer you car insurance for any vehicle you might own. They can offer you medical insurance. They can offer you a type of insurance designed to protect you from property damage. They can also provide this insurance to your employees, as well.
So, if you are a business owner with a question about car insurance, a casualty or a claim, consider contacting your local insurance agent for more specific and detailed information.