Commercial Insurance Frequently Asked Questions:
What are the benefits of Business Owner's Insurance?
Commercial insurance is designed to help protect many of the risks your business can face, including:
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What are the benefits of Liability Insurance?
General Liability Coverage includes:
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What is coinsurance and why is it required in an insurance policy?
It is important to point out that most insurance losses are partial losses. Recognizing this, many insured’s would be inclined to purchase amounts of insurance well below the total value of their property-but what they feel would be adequate for their estimate of the size of loss they are likely to incur. A coinsurance clause in a fire insurance policy obliges the insured to maintain a specified minimum amount of insurance in relation to the value of the property insured. If the insured does not maintain the proper amount of insurance the insured becomes a coinsurer and will have to absorb a portion of the loss which will depend on the limit of insurance that was carried on the property compared the limit that should have been carried on the property. Common coinsurance percentages that are contained in present day insurance policies are 80% & 90%. |
What is a Certificate of Insurance?
A certificate of insurance is a modified form of a policy in that it certifies the existence of an insurance contract. In automobile insurance most provinces have standard renewal certificates. They are quick and compact and do not repeat a lot of the information already in the original policy. In property insurance it is becoming common place for clients and recipients of your product or service to request a certificate of insurance as evidence that your business has a valid insurance policy in place. It is also a good idea for commercial businesses to ask the same from their suppliers, and others that you may do business with. |