Commercial Liability Insurance And You

Written By: Susan Reynolds on September 5, 2009 No Comment

When you create a commercial liability insurance policy; you create it not because you think you will use it daily. Instead, you create it as a safety net praying to never need it. However, more often than not your safety net will pan out, and a claim is submitted. Depending on your insurance carrier there is often multiple ways to submit a claim. The easiest is to get a hold of your agent.

Many businesses create their business liability policies through an agent. Although, with the rise of the internet you can easily decide to skip the agents altogether. Insurance companies that are dependable, and respected allow you to obtain the commercial liability insurance you want off from their website. If you policy needs it; an agent is assigned to follow through on your application.

Insurance is a complex industry and it is therefore advantageous to have an expert on hand whom you can consult with. Typically an agent is licensed by the state and has a contract with one or more insurance companies, giving him/her in-depth market knowledge that you’re unlikely to acquire even after substantial research. The bonus is since an agent is paid by the insurance providers he represents, it doesn’t cost you anything to make use of this knowledge.

Whilst reporting a business liability claim, you have two options. You can go straight to the claims department of your carrier or you can use the company’s website to submit the information. However, the later can be a more tedious and confusing as filling out the web form for a general commercial liability insurance claim could take hours, particularly if you don’t have your business liability policy handy.

Of course there is the basics like your policy number, your deductible, your occurrence limits, and if you have got extended coverage. Then there are things like personal and company identifying information. These include your company?s address, phone numbers, and other things. Having a business liability insurance can make this an uncomplicated process.

since your agent is already aware of your general commercial liability insurance policy number and also what are its limits and deductibles, you will further need to provide details of specific loss incident. Again this maybe simpler if your agent knows your business well. A legitimate agent working with an established insurance company is likely to be a solid resource for you to call on whenever you have a question, concern, or problem for future reference.

While your agent is helping you steer through the claims process; don?t think your agent will turn their back on you when the provider needs to pay. Instead, a claims adjuster will be assigned. The claims adjuster will investigate the claim to figure out if the policy covers the loss and to the extent it is covered. The adjuster will also authorize all valid payments. The claims process is a mixed bag. It can be both a laborious process, or easily dealt with. The allegedly injured individual can decide to bring the issue to the court and the adjuster will work with both the witnesses and attorneys. Your agent will stand by you in the claims process and help unravel an often confusing process.

Susan Reynolds is a content coordinator for a leading South African Insurance Provider that specialises in Commercial Insurance Policies.